The following are the transactions of morrell corporation: morrell corporation disposed of two computers at the end of their useful lives. the computers had cost $4,740 and their accumulated depreciation was $4,740. no residual value was received. assume the same information as (a), except that accumulated depreciation, updated to the date of disposal, was $3,480.

journal entries are given below

Explanation:

given data

computers cost = $4,740

Accumulated Depreciation = $4,740

disposal = $3,480

solution

journal entries are

S.No.                    Accounting Titles                        Debit                   Credit

a.                         Accumulated depreciation          4,740  

                           Computer                                                                   4,740

b.                         Accumulated depreciation          3,480  

                           Loss on disposal                           1,260  

                           Computers                                                                  4,740

Hilary buys a home for $100,000 and puts down 20 percent with a 5 percent mortgage. She sells it after 1 year when the house has declined in value by 4 percent. Ignoring any real estate commissions or mortgage amortization, what has been the rate of return on her investment for the year?

-40 (If 4% mortgage, -36 percent)