Pets unlimited traded in the asset for a new similar asset, Ask an Expert

Accounting

Pets Unlimited had a piece of equipment which it purchased 10 years ago. Its cost was $110,000 and it had accumulated depreciation of $75,000.

Record the disposition of the asset beneath the given independent conditions:

1) Pets Unlimited sold the equipment for $25,000.

2) Pets Unlimited rejected the equipment at a cost of $10,000.

3) Pets Unlimited traded in the asset for a new similar asset with a list price of $120,000. Pets Unlimited was given $10,000 as a trade-in allowance and paid cash for the balance.

4) Pets unlimited traded in the asset for a new similar asset with a list price of $200,000. Pets Unlimited was given a trade-in allowance of $50,000 and took signed a note payable for the remainder.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M921283

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