Equipment Acquired at a Cost of $126,000 Has a Book

question 52

Essay

Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions.
(a)The equipment had no market value and was discarded.
(b)The equipment is sold for $54,000.
(c)The equipment is sold for $24,000.
(d)The equipment is traded in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.​Journal

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Definitions:

Kneeling Statue

A type of sculpture depicting an individual in a kneeling position, often used in religious or ceremonial contexts to denote humility, devotion, or supplication.

Hatshepsut

An 18th dynasty Pharaoh of Egypt who reigned during the early 15th century BC, one of the few female monarchs in ancient Egyptian history.

Royal Headdress

An ornate and often symbolic form of headgear worn by members of royalty as a sign of sovereignty and dignity.

Temple Complex

An area composed of one or more temples along with associated buildings, usually dedicated to a particular group of gods or a religious practice.