Chapter 16 Problem 16-23
1. Depreciation (60,000 x 3/12) 15,000
Accumulated depreciation 15,000
Accumulated depreciation (480,000 + 15,000) 495,000
Loss on retirement of store equipment 105,000
Store equipment 600,000
2. Depreciation (150,000 x 4/12) 50,000
Accumulated depreciation 50,000
Cash 100,000
Accumulated depreciation (1,050,000 + 50,000) 1,100,000
Loss on sale of office equipment 300,000
Office equipment 1,500,000
3. Depreciation (600,000 x 5/12) 250,000
Accumulated depreciation 250,000
Delivery equipment – new 5,000,000
Accumulated depreciation 2,650,000
Cash (5,000,000 – 750,000) 4,250,000
Delivery equipment – old 3,000,000
Gain on exchange (750,000 – 350,000) 400,000
Original cost 3,000,000
Less: Accumulated depreciation to date (2,400,000 + 250,000) 2,650,000
Book value 350,000
4. Accumulated depreciation 1,200,000
Office equipment 1,200,000
5. Depreciation (900,000 x 9/12) 675,000
Accumulated depreciation 675,000
Accumulated depreciation (2,700,000 + 675,000) 3,375,000
Fire loss 1,125,000
Machinery 4,500,000
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