At the beginning of the current year, Andy Company has equipment that originally cost $ 50,000, has

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At the beginning of the current year, Andy Company has equipment that originally cost $ 50,000, has $ 35,000 accumulated depreciation, and is being depreciated at $ 5,000 per year. Andy sells this equipment for $ 12,000 at the end of the current year. Prepare journal entries to record both the current year’s depreciation and the disposal of the equipment.

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To record depreciation Depreciation Expense 5000 Accumulated Depreciation 5000 To re...View the full answer

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