ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 152

16) Prepare the journal entry (if any) to record the
impairment of the asset at December 31, 2014. (If no entry is
required, select "No entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)

17) If the asset is sold at the end of Year 3, which method
would yield the highest gain (or lowest loss) on disposal of
the asset?

The method that will yield the highest gain (or lowest loss)
on disposal of the asset if the asset is sold at the end of Year 3
is

18) Muggsy Bogues Company purchased equipment for
$224,700 on October 1, 2014. It is estimated that the
equipment will have a useful life of 8 years and a salvage
value of $24,720. Estimated production is 39,600 units and
estimated working hours are 20,200. During 2014, Bogues