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7. Thieu Co. has delivery equipment purchased on May 1, 2017 that cost $150,000, has a salvage value of $50,000 and a 5-year useful life.

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7. Thieu Co. has delivery equipment purchased on May 1, 2017 that cost $150,000, has a salvage value of $50,000 and a 5-year useful life. Prepare the entry to record the sale of the equipment on December 31, 2020 for $54,000. Assume that depreciation has been recorded through the end of 2020. Date Description Debit Credit

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