Gopher Excavation, a calendar-year firm, purchased equipment on January 1, 2016, for $175,000. The equipment had an estimated life of 10 years and no expected salvage value. Gopher depreciated it using the straight-line method. On July 1, 2020, Gopher sold the equipment for $120,000. What is the journal entry to record the sale?

Answer rating: 100% (QA)

Answer Journal Entry to Record Sale of Equipment for Gopher Excavation Date July 1 2020 Accounts and ... View the full answer