Business, 18.01.2021 21:00 linaaaaa7

Pina Colada Corporation owns equipment that cost $57,600 when purchased on April 1, 2013. Depreciation has been recorded at a rate of $9,600 per year, resulting in a balance in accumulated depreciation of $45,600 at December 31, 2017. The equipment is sold on July 1, 2018, for $11,520. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (

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Answer from: Jasten

a. Annual depreciation expense = $9,600. Depreciation expense for the year 2018 (6 months) = $9,600*6/12 = $4,800

Date Account Titles and Explanation Debit Credit

Depreciation expense $4,800

Accumulated depreciation- Equipment $4,800

(To record depreciation expense)

b. Accumulated depreciation till December 31, 2017 = $45,600

Accumulated depreciation at July 1, 2018 = Accumulated depreciation till December 31, 2017 + Depreciation expense for the year 2018 = $45,600 + $4,800 = $50,400

Cost of equipment = $57,600

Book value of equipment = Cost of equipment - Accumulated depreciation at July 1, 2018 = $57,600 - $50,400 = $7,200

Sale price of equipment = $11,520

Gain on sale of equipment = Sale price of equipment- Book value of equipment = $11,520 - $7,200 = $4,320

Date Account Titles and Explanation Debit Credit

Cash $11,5200

Accumulated depreciation- equipment $50,400

Gain on sale of equipment $4,320

Equipment $57,600

(To record sale of equipment)

Answer from: Quest

the correct answer is - no.

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Pina Colada Corporation owns equipment that cost $57,600 when purchased on April 1, 2013. Depreciati...

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