Cassie Company discards a piece of equipment that cost $120,000, has a life of 5 years, and no residual value. The company uses straight-line depreciation. What is the journal entry to record the disposal of the equipment at the end of year 5? О A) Accumulated Depreciation- Equipment Equipment 120,000 120,000 B) Depreciation Expense- Equipment 120,000 Equipment 120,000 C) Equipment 24,000 Depreciation Expense- Equipment 24,000 D) Equipment 24,000 Accumulated Depreciation- Equipment 24,000

Cassie Company discards a piece of equipment that cost $120,000, has a life of 5 years, and no residual value. The company uses straight-line depreciation. What is the journal entry to record the disposal of the equipment at the end of year 5? О A) Accumulated Depreciation- Equipment Equipment 120,000 120,000 B) Depreciation Expense- Equipment 120,000 Equipment 120,000 C) Equipment 24,000 Depreciation Expense- Equipment 24,000 D) Equipment 24,000 Accumulated Depreciation- Equipment 24,000

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Description: i need the answer quickly Cassie Company discards a piece of equipment that cost $120,000, has a life of 5years, and no residual value. The company uses straight-line depreciation. What isthe journal entry to record the disposal of the equipment at t

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 3RE: Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not...

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