41Job Sales traded a truck they had owned for some time plus $2,500 cash in exchange for another truck of similar type. The original truck had been purchased by Job for $36,000, and had accumulated depreciation of $30,000 at the time it was exchanged. Please provide the journal entry for this transaction.
42Barnhart’s sold a piece of restaurant equipment to another restaurant on July 1, 2013 for $1,100 cash. The equipment originally cost $12,000, had an estimated life of 20 years, and an estimated salvage value
of $2,000. Barnhart’s had recorded total depreciation of $9,000 through the end of 2012, using the
straight-line method. Barnhart’s had to update the depreciation of the asset before recording the sale. Please provide the entry to record that additional depreciation.
43Barnhart’s sold a piece of restaurant equipment to another restaurant on July 1, 2013 for $1,100 cash. The equipment originally cost $12,000, had an estimated life of 20 years, and an estimated salvage value
of $2,000. Barnhart’s had recorded total depreciation of $9,000 through the end of 2012, using the straight-line method. Barnhart’s had to update the depreciation of the asset before recording the sale. After the depreciation was updated, Barnhart’s then recorded the sale transaction. Please provide the entry for the sale transaction.
44On September 1, 2013, Algernon Company sold a truck for $15,000 cash. The truck was originally purchased for $40,000, had an estimated salvage value of $4,000 and an estimated life of 6 years. Algernon had recorded depreciation of $30,000 through the end of 2012 using the straight-line method.
First, Algernon had to update the depreciation prior to sale. Then Algernon recorded the sale transaction. Please provide the journal entry to record the sale.