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Explain too, please!! Brief Exercise 9-10 a-b Blossom Limited sells equipment on September 30, 2018, for $40,550 cash. The equipment originally cost $143,770 when purchased
Explain too, please!!
Brief Exercise 9-10 a-b Blossom Limited sells equipment on September 30, 2018, for $40,550 cash. The equipment originally cost $143,770 when purchased on January 1, 2016. It has an estimated residual value of $4,190 and a useful life of five years. Depreciation was last recorded on December 31, 2017, the company's year end. Record debit side accounts first followed by credit side accounts. Prepare the journal entry to update depreciation using the straight-line method to September 30, 2018. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit Depreciation Expense 20937 Accumulated Depreciation - Equipment 20937 Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit Cash 40550 Accumulated Depreciation - Equipment 76769 Loss on Disposal Equipment 143770Step by Step Solution
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