Ngs shrimp company owns a fishing vessel that originally, Ask an Expert

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Ng's Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20-year life, and no anticipated salvage value.

Ng uses the straight-line depreciation method. Review the following three independent cases, and prepare the journal entry to reflect the disposition of the boat in each case.

Case 1 After 8 years of ownership, the boat was taken by a storm.

Case 2 After 12 years of ownership, the boat was sold for $175,000.

Case 3 After 15 years of ownership, the boat was sold for $60,000.

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