Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recorded through the disposal date totaled $30,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $11,200; prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of the tractor for $3,400. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal

Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recorded through the disposal date totaled $30,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $11,200; prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of the tractor for $3,400. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal

Name: Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800.
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Description: Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recordedthrough the disposal date totaled $30,000.(1) Prepare the journal entry to record the sale. (2) Now assume the tractor

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...

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Funseth Farms Inc. purchased a tractor in 2018 at a cost of $30,000. The tractor was sold for $3,000 in 2021. Depreciation recorded through the disposal date totaled $26,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $10,000; prepare the journal entry to record the sale.
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