Cullumber Company owns equipment that cost $123,000 when purchased on January 2, 2021. It has been depreciated using the straight-line method based on estimated residual value of $3,000 and an estimated useful life of five years.

Prepare Cullumber Companys journal entry to record the sale of the equipment for $30,500 on October 1, 2024

(d) Prepare Cullumber Company's journal entry to record the sale of the equipment for $30,500 on October 1, 2024. Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry amounts.) Date Account Titles and Explanation Debit Credit Oct. 1 (To record disposal of equipment.)