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Homework answers / question archive / Explain accounting steps for the sale and retirement of property, plant and equipments and record journal entries for the following transactions

Explain accounting steps for the sale and retirement of property, plant and equipments and record journal entries for the following transactions

Business

Explain accounting steps for the sale and retirement of property, plant and equipments and record journal entries for the following transactions.

On 1st July 2002, Jessica Ltd purchased equipments for $130000 cash. It was estimated that the equipments would have a salvage value of $ 10000 and a useful life of six years. The corporation uses straight line method of amortization and has a December 31 year end.

Record the disposal of equipments on July 1 2006, under each of the following independent situations:
1. it was sold for $35500
2. It was sold for $42000
3. It was retired.

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