On April 1,20×7 Esquire Company sold equipment for $100,000. The equipment had been purchased on January 1,20×2 for $450,000 and at that time, it was presumed that the useful life would be 8 years with $50,000 salvage value. Accumulated depreciation as of January 1,20×7 was $250,000.

Required:

 Prepare the journal entry to record the sale.

Answer rating: 100% (QA)

To prepare the journal entry to record the sale of equipment by Esquire Company you need to account ... View the full answer