Business, 11.12.2019 21:31 Tori122367

Mercury inc. purchased equipment in 2016 at a cost of $400,000.

the equipment was expected to produce 700,000 units over the next five years and have a residual value of $50,000. the equipment was sold for $210,000 part way through 2018.

actual production in each year was: 2016 = 100,000 units; 2017=160,000 units; 2018 = 80,000 units.

mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date.

required

1) prepare the journal entry to record the sale.

2) assuming that the equipment was sold for $245,000, prepare the journal entry to record the sale.

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Mercury inc. purchased equipment in 2016 at a cost of $400,000.

the equipment was expect...

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