! Required information M9-10 (Algo) Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) [LO 9-5] [The following information applies to the questions displayed below.] As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,280 cash. The shelves originally cost $8,320 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $720. M9-10 (Algo) Part 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < A Record the sale of the shelving units for $1,280. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >

! Required information M9-10 (Algo) Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) [LO 9-5] [The following information applies to the questions displayed below.] As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,280 cash. The shelves originally cost $8,320 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $720. M9-10 (Algo) Part 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < A Record the sale of the shelving units for $1,280. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] Cash As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $800 cash. The shelves originally cost $6,400 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $400. Required: 1. Complete the table below, indicating the account, amount, and direction of the effect on disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Assets 800 Liabilities Stockholders' Equity
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