Equipment Acquired at a Cost of $126,000 Has a Book

Essay

Equipment acquired at a cost of $126,000 has a book value of $42,000.Journalize the disposal of the equipment under the following independent assumptions.
a.The equipment had no market value and was discarded.
b.The equipment is sold for $54,000.
c.The equipment is sold for $24,000.
d.The equipment is traded-in for a similar asset.The list price of the new equipment is $63,000.The buyer gave no cash in the exchange.The transaction lacks commercial substance.
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