owns equipment that costs $78,300, with accumulated depreciation of $44,800. Garcia se nent if Garcia were to sell the equipment for the following amounts: D cash 0 cach
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- Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $37,500 cash C. $30,000 cash If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 B. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 C. fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $42,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $35,500 cash C. $28,000 cash If an amount box does not require an entry, leave it blank. А. III III IIII B. C.Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garciasells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell theequipment for the following amounts:A. $47,000 cashB. $36,000 cashC. $31,000 cash
- Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cashGarcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts:Garcia Co. owns equipment that cost $78,400, with accumulated depreciation of $41,600. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $48,200 cash, (2) $36,800 cash, and (3) $31,700 cash. Journal entry worksheet Record the sale of equipment assuming Garcia sells the equipment for $48,200 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Journal entry worksheet Record the sale of equipment assuming Garcia sells the equipment for $36,800 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Journal entry worksheet Record the sale of equipment assuming Garcia sells the equipment for $31,700 cash. Note: Enter debits before…
- Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth $4,500,000. A. What is the amount of goodwill in this transaction? B. What is Buchanan's journal entry to record the purchase of McLaren? If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. C. What journal entry should Buchanan write when the company internally generates additional goodwill in the year following the purchase of McLaren? If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. 88 00 00 %24Monty Corp. exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $37,200 (cost $67,200 less accumulated depreciation $30,000). Its fair value is $23,100, and cash of $6,000 is paid. Prepare the entry to record the exchange, assuming the transaction has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry isrequired,select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit CreditMartinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include: Multiple Choice A. A credit to Accumulated Depreciation of $40,000. B. A credit to Gain on Sale of $2,000. C. A credit to Machinery of $47,000. D. A debit to Cash of $42,000. E. A debit to Accumulated Depreciation of $47,000.
- FarmCo sold a tractor for $40,000 that they initially purchased for $30,000 cash from John Deere. How is the $30,000 journalized? Select an answer: as a credit to Assetsas a liabilityas revenueas cost of goods soldGaston owns equipment that cost $27,500 with accumulated depreciation of $22,000. Gaston sells the equipment for $5,000. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Debit Accumulated Depreciation $22,000. Credit Equipment $27,500. Debit Loss on Disposal of Equipment $500. Credit Gain on Disposal of Equipment $500. Debit Cash $5,000.Caleb Co. owns a machine that had cost $42,400 with accumulated depreciation of $18,400. Caleb exchanges the machine for a newer model that has a market value of $52,000. 1. Record the exchange assuming Caleb paid $30,000 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $22,000 cash and the exchange has commercial substance.