Oriole Company owns equipment that cost $$120,000$ when purchased on January $2,2024.$ It has been depreciated using the straight$-$line method based on estimated residual value of $$6,000$ and an estimated useful life of five years.

Following are the four independent situations.

$1.$Prepare Oriole Company's journal entry to record the sale of the equipment for $$55,100$ on January $2,2027.$

$2.$Prepare Oriole Company's journal entry to record the sale of the equipment for $$55,100$ on May $1,2027.$

$3.$Prepare Oriole Company's journal entry to record the sale of the equipment for $$33,300$ on January $2,2027.$

$4.$Prepare Oriole Company's journal entry to record the sale of the equipment for $$33,300$ on October $1,2027.$

Answer rating: 100% (QA)

1 To record the sale of the equipment for 55100 on January 2 2027 Debit Accumulated Depreciation Equ... View the full answer