$5-1$ Q$1$ A company bought some equipment for $$12,000$ that has a $10$ year

life with no residual value on May $1,20$X$1$ and sold the equipment

on December $31,202.$ The company uses the straight$-$line method

of depreciation and recorded the purchase of the equipment

correctly and when the equipment was sold, the company recorded:

Cash

Loss on sale

Equipment

a Correct the above entry:

b

If you did not realize that the company made an error when

recording the sale of equipment until $202,$ what would you record

in $202$ to fix the error?