Beka Company owns equipment that cost ($50,000) when purchased on January 1, 2005. It has been depreciated

Question:

Beka Company owns equipment that cost $$50,000$ when purchased on January 1, 2005. It has been depreciated using the straight-line method based on estimated salvage value of $$5,000$ and an estimated useful life of 5 years.

Instructions

Prepare Beka Company’s journal entries to record the sale of the equipment in these four independent situations.

(a) Sold for $$28,000$ on January 1, 2008.

(b) Sold for $$28,000$ on May 1, 2008.

(c) Sold for $$11,000$ on January 1, 2008.

(d) Sold for $$11,000$ on October 1, 2008.

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