View Policies Current Attempt in Progress ह On January 1, 2019, Mogul Ski Resort Ltd. purchased snow making equipment for $116.000 by paying a $23.200 cash down payment and issuing a note payable for the balance. The equipment had an estimated useful life of 10 years and an estimated residual value of $23.200. Mopul uses the straight line-method of depreciation and has a December 31 year end. On October 1, 2001, the equipment was sold for $79,080 cash Prepare the journal entry to record the acquisition of the equipment. (Credit account tities are automatically indented when the amount is entered. Do not indiment manually it no entry is required, select "No entry for the account titles and enter o for the amounts) Debit Date Account Titles and Explanation Jan 1, 2019 eTextbook and Media -/10 List of Accounts 1 Credit Record the 2019 and 2020 depreciation at the year-end of Dec. 31. Prepare the journal entries to update the depreciation and record the sale of the equipment on October 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) the Bate Accent Titles and Explanation De. 31. 2015 Dec. 31 2000 Oct. 1. 2021 Od. 1. 2021 [cation) (to record sale of equipment) FIES DE PARI 2001 Cantare automaty indented when the amount in De Talk didelis Debit Credit Assume instead that the company used the double diminishing tulance method to depreciate the cost of the equipment What amount of depreciation would be recorded in 2019 and 2020 Depreciation expense eTextbook and Media List of Accounts 2019 What journal entries would be required to update the depreciation and record the sale of the equipment on October 1,20217 (Credit account titles are automatically indented when the amount is entered. Do not indent manually no entry is required select "No entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Oct. 1, 2021 01-1 (To record depreciation) 2020 Debit Credit What journal entries would be required to update the depreciation and record the sale of the esement on October 1,20217 (Credit account titles are automutically indented when the amount is entered De net indent manualy if no entry is required select "No entry for the account titles and enter 0 for the Date Account Titles and Explanation Oct. 1 2021 Oct. 1, 2021 (To record depreciation) Save for Later [To record sale of equipment) eTextbook and Media List of Accounts Debit Credit Attempts 0 of 3 used S
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