10 Mar The Hardy Company ceased operations in its Illinoi
The Hardy Company ceased operations in its Illinois plant on July 1. On August 1, it was decided to dismantle the equipment and sell the plant. The cost of dismantling the equipment was $7,000. The equipment was sold as scrap, and second-hand equipment was sold for $20,000. The plant was sold for $120,000, and there were expenses of $6,000 connected with the sale. Depreciation was last accrued on the plant and equipment on the previous December 31. The January 1 balances in the plant and equipment accounts of the Illinois plant were as follows:Plant$2,000,000Plant, Accumulated Depreciation1,550,000Equipment400,000Equipment, Accumulated Depreciation320,000The building depreciation was $4,000 per month, and the equipment depreciation was $3,000 per month.Prepare journal entries to record the depreciation for the period and also the retirement of the plant and equipment of the Illinois plant.
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