Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2014. It has been depreciated

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Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2014. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.

Instructions

Prepare Pryce Company’s journal entries to record the sale of the equipment in these four independent situations.

(a) Sold for $31,000 on January 1, 2017.

(b) Sold for $31,000 on May 1, 2017.

(d) Sold for $11,000 on October 1, 2017.

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Related Book For answer-question

Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Apr 23, 2020 04:17 AM

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Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2014. It has been depreciated

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Accounting Principles

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