question archive On January 1, 20X6, Scoot Airline purchased an airplane for $38,700,000
On January 1, 20X6, Scoot Airline purchased an airplane for $38,700,000
Subject:AccountingPrice: Bought3
On January 1, 20X6, Scoot Airline purchased an airplane for $38,700,000. Scoot Airline expects the plane to remain useful for 6 years and to have a residual value of $3,500,000. Scoot Airline uses the straight-line method to depreciate its airplanes Scoot Airline flew the plane for 3 years and sold it on January 1, 20X9, for $9,300,000 1) Compute accumulated depreciation on the airplane at January 1, 20x9 (same as December 31, 20X8) 2. Record the sale of the plane on January 1, 20X9. 1. Compute accumulated depreciation on the airplane at January 1, 2009 (same as December 31, 20x8). (Round your final answer to the nearest whole dollar.) The accumulated depreciation is $ 2. Record the sale of the plane on January 1, 20X9. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journal Entry Date Accounts Debit Credit 20x9 Jan 1 Accumulated Depreciation Airplane Cash Depreciation Expense Submit quiz Gain on Sale of Airplane Loss on Sale of Airplane
