Visual Graphics Company sold a printing press for $ 74,000 on the last day of the reporting

Question:

Visual Graphics Company sold a printing press for $ 74,000 on the last day of the reporting period. The printing press had a gross and net amount of $ 100,000 and $ 65,000, respectively, reflected on the at that date. What is the journal entry made by the company to reflect this asset sale?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...