At the beginning of the current year, Andy Company has equipment that originally cost $50,000, has $35,000

Question:

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 Company 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.