Pets Unlimited_Disposal of equipment

Module 2 Assignment:

Pets
Unlimited had a piece of equipment that it purchased 10 years ago. Its cost was $110,000 and it had
accumulated depreciation of $75,000.
Record the disposition of the asset under the following independent
situations:

1
Pets Unlimited sold
the equipment for $25,000.

2
Pets Unlimited
discarded the equipment at a cost of $10,000.

3
Pets Unlimited traded
in the asset for a new similar asset with a list price of $120,000. Pets Unlimited was given $10,000 as a
trade-in allowance and paid cash for
the balance.

4
Pets unlimited traded
in the asset for a new similar asset with a list price of $200,000. Pets Unlimited was given a trade-in
allowance of $50,000 and took signed a note payable for the remainder.