Ask Experts Questions for FREE Help !
Ask
    cwaller's Avatar
    cwaller Posts: 19, Reputation: 1
    New Member
     
    #1

    Oct 23, 2010, 10:20 AM
    need help please
    Ace Corporation purchased equipment on July 1, 2009 for the following:


    Purchase price $100,000


    Sales tax 6,000


    Installation 3,000


    Delivery 1,000


    Total $110,000


    Ace estimates that it will use the equipment for five years and its residual value will be $10,000. Ace uses the straight line method of depreciation and its accounting year end is December 31.


    On December 31, 2010 Ace sells the equipment for $75,000.


    Required: Prepare all necessary journal entries and adjusting journal entries for Ace for 2009 and 2010.





View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.