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3 January, 23:27

On May 31 , 2018 , Option Landscapes discarded equipment that had a cost of $ 29 comma 100. Accumulated Depreciation as of December 31, 2017 , was $ 27 comma 000. Assume annual depreciation on the equipment is $ 2 comma 100. Journalize the partial-year depreciation expense and disposal of the equipment.

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  1. 3 January, 23:33
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    depreciation expense 525

    accumulated depreciation equipment 525

    to record depreciation from jan 1st to March 31th

    loss on dispossal 1,575

    acc depreciation equipment 27,525

    equipment 29,100

    to record loss on dispossal of equipment

    Explanation:

    January 1st to march 31th = 3 months

    months per year = 12

    annual depreciation x 3/12 = partial depreciation

    2,100 x 3/12 = 525

    equipment 29,100

    acc depreciation

    27,000 + 525 = (27,525)

    book value 1,575

    salvage 0

    loss (1,575)
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