A company owns equipment that cost $125,200 and has accumulated depreciation of $90,900 as of January 1. Prepare the entry to record the disposal of this equipment on January 1 for each separate situation. a. Equipment is sold for $34,900 cash. b. Equipment is sold for $28,200 cash. View transaction list No 1 2 Date View journal entry worksheet January 01 January 01 General Journal Cash Gain on disposal of equipment Cash Gain on disposal of equipment Debit 34,900 28,200 Credit 34,900 28,200

A company owns equipment that cost $125,200 and has accumulated depreciation of $90,900 as of January 1. Prepare the entry to record the disposal of this equipment on January 1 for each separate situation. a. Equipment is sold for $34,900 cash. b. Equipment is sold for $28,200 cash