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Mar 23 2018 10:20pm
Have weekly quizzes that I do for marks online. Was wondering if someone could help me with them.

Thanks,
Chris
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Mar 24 2018 04:45pm
post them here
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Mar 25 2018 09:18am
On July 1, 2016 Molly's Greenhouse purchased a new delivery truck for $100,000. She paid a $20,000 cash down payment and the remainder with a note payable. Molly estimates that the delivery truck will have a five-year useful life, or 300,000 kilometers and a residual value of $100,000. Molly's Greenhouse has a December 31 year end.

Calculate the gain or loss on disposal for the following three independent situations:


Molly sold the truck for $40,050 on January 1, 2020. By using the straight line method the carrying amount is $37,000.

(Gain/Loss) on disposal $______


Molly sold the truck for $30,500 on January 1, 2020. By using the straight line method the carrying amount is $37,000.

(Gain/Loss) on disposal $______


Molly sold the truck for $26,400 on July 1, 2020. Molly uses the straight line method.

(Gain/Loss) on disposal $_______


Molly sold the truck for $26,400 on July 1, 2020.

Using the straight line method prepare the journal entries for the above situations.


Member
Posts: 1,790
Joined: Apr 4 2015
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Mar 25 2018 11:37am
Wow, I looked at this being way more complicated than it was. I figured it out now thank you. I'll post more next week.

Thanks
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