Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2022. It has been depreciated
Question:
Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2022. It has been depreciated using the straight-line method based on an 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, 2025.
b. Sold for $31,000 on May 1, 2025.
c. Sold for $11,000 on January 1, 2025.
d. Sold for $11,000 on October 1, 2025.
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a Cash Accumulated Depreciation Equipment 650005000x35 Equipment Gai...View the full answer
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