On July 1, 2014, Sunland Enterprises sold equipment with an original cost of $99,400 for $39,000....

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On July 1, 2014, Sunland Enterprises sold equipment with an original cost of $99,400 for $39,000. The equipment was purchased January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $10,800 salvage value. Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer On July 1, 2014, Sunland Enterprises sold equipment with an original cost of $99,400 for $39,000. The equipment was purchased January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $10,800 salvage value. Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer

Answer rating: 100% (QA)

Answer Computation of Loss or Profit on sale of Equipment iCost of Pur... View the full answer