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On March 31​, 2018​, Modern Landscapes discarded equipment that had a cost of $ 16 comma 500. Accumulated Depreciation as of December ​31, 2017​, was $ 15 comma 000. Assume annual depreciation on the equipment is $ 1 comma 500. Journalize the​ partial-year depreciation expense and disposal of the equipment.

Respuesta :

Answer:

1.  Depreciation - equipment A/c Dr  $375

          To Equipment A/c  $375

(Being the depreciation expense is recorded)

2. Accumulated depreciation - Equipment A/c Dr $15,375

   Loss on disposal of equipment A/c $1,125

                     To Equipment A/c $16,500

Explanation:

The journal entries are shown below:

1.  Depreciation - equipment A/c Dr  $375

          To Equipment A/c  $375

(Being the depreciation expense is recorded)

The computation is shown below:

= $1,500 × 3 months ÷ 12 months

= $375

2. Accumulated depreciation - Equipment A/c Dr $15,375    ($15,000 + $375)

  Loss on disposal of equipment A/c $1,125

                     To Equipment A/c $16,500

(Being the disposal of equipment is recorded)

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