Pryce Company owns equipment that cost $61,500 when purchased on January 1, 2017. It has been...
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Pryce Company owns equipment that cost $61,500 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $4,800 and an estimated useful life of 5 years. Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Pryce Company owns equipment that cost $61,500 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $4,800 and an estimated useful life of 5 years. Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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To record the sale of equipment in four different situations we need to account for the depreciation ... View the full answer
Related Book For
Accounting Tools For Business Decision Making
ISBN: 9781119791058
8th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
Posted Date:
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