Francis Company owns equipment that cost $50,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $8,000 and an estimated useful life of 5 years.

Instructions
Prepare Francis Company's journal entries to record the sale of the equipment in these four independent situations.
(a) Sold for $28,000 on January 1, 2014.
(b) Sold for $28,000 on May 1, 2014.
(c) Sold for $11,000 on January 1, 2014.
(d) Sold for $11,000 on October 1, 2014.

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December 29, 2012

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