Disposal of an Operating Asset

Jolie Company owns equipment with a cost of $$192,500$ and accumulated depreciation of $$98,175.$

Required:

Prepare the journal entry to record the disposal of the equipment on April $9$ assuming:

Jolie sold the equipment for $$100,900$ cash. If an amount box does not require an entry, leave it blank.

Apr. $9!$

Gain on Disposal of Property, Plant, and Equipment

Jolie sold the equipment for $$87,700$ cash. If an amount box does not require an entry, leave it blank.

Apr. $9$

Loss on Disposal of Property, Plant, and Equipment

$100,900$

Accounts Payable