Disposal of a Capital Asset} Jolie Company owns equipment with a cost of ($ 85,500) and accumulated

Question:

Disposal of a Capital Asset}

Jolie Company owns equipment with a cost of $\$ 85,500$ and accumulated depreciation of 76,200 .

\section*{Required:}

Prepare the journal entry to record the disposal of the equipment on April 9, assuming:

1. Jolie sold the equipment for $\$ 11,200$ cash.

2. Jolie sold the equipment for $\$ 7,900$ cash.

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