Abbott landscaping purchased a tractor at a cost of $40,000 and sold it three years later for $20,300. abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. tractors are included in the equipment account. assume the tractor was sold for $12,700 instead of $20,300. record the sale. (if no entry is required for a particular transaction/event, select "no journal entry required" in the first account field.)

The Journal entries are as follows:

(i) Sale of Equipment

Cash A/c                                       Dr. $20,300

Accumulated Depreciation A/c   Dr. $22,500

To Equipment                                                      $40,000

To Gain                                                                 $2,800

(To record the sale of equipment)

(ii) Sale of Equipment

Cash A/c                                       Dr. $12,700

Accumulated Depreciation A/c   Dr. $22,500

Loss A/c                                         Dr. $4,800

To Equipment                                                      $40,000

(To record the sale of equipment)

Workings:

Accumulated Depreciation = [(40,000 - 2,500) ÷ 5] × 3 years

                                             = 7,500 × 3 years

                                             = $22,500

answer; descriptive statistics;

answer; ///(d); determining who competes most closely   with whom evaluating whether industry driving forces and competitive pressure favor some strategic groups and hurt others, and ascertaining whether the profit potential of different strategic groups varies due to the strengths and weaknesses in each groups respective market positions;