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>M2 Assignment
0 years ago. Its cost was $110,000 and it had accumulated depreciation of $75,000. 1 Pets Unlimited sold the equipment for $25,000. 2 Pets Unlimited discarded the equipment at a cost of $10,000. Credit 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.2
Module 2 Assignment:
Pets Unlimited had a piece of equipment that it purchased
1
Record the disposition of the asset under the following independent situations:
1
Pets Unlimited sold the equipment for $25,000.
2
Pets Unlimited discarded 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.
Description
Debit
Credit
Description Debit Credit 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 allownace and paid cash for the balance.
Description
Debit
Description Debit Credit
