E10-10 Cosmo Company owns equipment that cost $50,000 when purchased on January 1, 2009. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Cosmo Company's journal entries to record the sale of the equipment in these four independent situations. (a) Sold for $28,000 on January 1, 2012. (b) Sold for $28,000 on May 1, 2012. (c) Sold for $11,000 on January 1, 2012. (d) Sold for $11,000 on October 1, 2012.

E10-10 Cosmo Company owns equipment that cost $50,000 when purchased on January 1 , 2009. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Cosmo Company's journal entries to record the sale of the equipment in these four independent situations. (a) Sold for $28,000 on January 1,2012. (b) Sold for $28,000 on May 1,2012 . (c) Sold for $11,000 on January 1,2012. (d) Sold for $11,000 on October 1,2012