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Blossom Company owns equipment that cost $62,100 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated
Blossom Company owns equipment that cost $62,100 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated salvage value of $4,800 and an estimated useful life of 5 years. Prepare Blossom Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (a) Sold for $29,380 on January 1, 2022. Sold for $29,380 on May 1, 2022. No. Account Titles and Explanation (b) Sold for $10,500 on January 1, 2022. Sold for $10,500 on October 1, 2022. Cash Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Cash Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment) Debit Credit I SUF
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