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| 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: |
| Pets Unlimited sold the equipment for $25,000. |
| Pets Unlimited discarded the equipment at a cost of $10,000. |
| 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. |
| 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. |
