Robin Company made the following transactions:

1. January 15, 2020, purchased equipment for $46,000. Robin Company pays sales taxes of $3,000, installation and testing of $6,000 insurance during shipping of $1,000, and oil and lubricant for the first month of operation $500

2. July 1, 2020, Sold equipment for |$50,000 cash, The cost of the equipment was $280,000 when it was purchased on January 1, 2017. The company uses the straight-line method for depreciation using a 4-year useful life and a $40,000 residual value.

3. December 31, 2020, Retired equipment that cost $50.000 when it was purchased on January 1, 2017. The company uses the straight-line method for depreciation using a 4-year useful

Instructions: 

Journalize the above transactions

Answer rating: 100% (QA)

To journalize the above transactions we will record them in the general journa... View the full answer