TOOTSIE ROLL INDUSTRIES SOLD EQUPMENT WITH AN ORIGINAL COST OF 20,000 AND AND ACCUMULATED DEPRECIATION OF...

TOOTSIE ROLL INDUSTRIES SOLD EQUPMENT WITH AN ORIGINAL COST OF 20,000 AND AND ACCUMULATED DEPRECIATION OF 10,700(BOOK VALUE OF 9,300)REALIZING A GAIN OF 2,100. THE JOUNERAL ENTRY TO RECORD THIS SCALE INCLUDES ALL OF THE FOLLOWING EXCEPT?

Expert Solution

Ans: Journal Entry is recorded as follows:

Cash A/c Dr 12400

Accumlated Depreciation A/c Dr 10700

To Equipment A/c 20000

To Gain on Sale of Asset A/c 2100

ekkarill92 answered 1 year ago

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