Question
Crane Company owns equipment that cost $69,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on estimated salvage
Crane Company owns equipment that cost $69,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on estimated salvage value of $5,400 and an estimated useful life of 5 years. Prepare Crane Companys 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 0 for the amounts.)
(a) | Sold for $33,160 on January 1, 2022. | |
(b) | Sold for $33,160 on May 1, 2022. | |
(c) | Sold for $10,100 on January 1, 2022. | |
(d) | Sold for $10,100 on October 1, 2022. |
No. | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
(a) | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
(b) | enter an account title to record depreciation | enter a debit amount | enter a credit amount |
enter an account title to record depreciation | enter a debit amount | enter a credit amount | |
(To record depreciation) | |||
enter an account title to record sale of equipment | enter a debit amount | enter a credit amount | |
enter an account title to record sale of equipment | enter a debit amount | enter a credit amount | |
enter an account title to record sale of equipment | enter a debit amount | enter a credit amount | |
enter an account title to record sale of equipment | enter a debit amount | enter a credit amount | |
(To record sale of equipment) | |||
(c) | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
(d) | enter an account title to record depreciation | enter a debit amount | enter a credit amount |
enter an account title to record depreciation | enter a debit amount | enter a credit amount | |
(To record depreciation) | |||
enter an account title to record sale of equipment | enter a debit amount | enter a credit amount | |
enter an account title to record sale of equipment | enter a debit amount | enter a credit amount | |
enter an account title to record sale of equipment | enter a debit amount | enter a credit amount | |
enter an account title to record sale of equipment | enter a debit amount | enter a credit amount | |
(To record sale of equipment) |
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