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Foley Company owns equipment that cost $65,000 when purchased on January 1, 2014. It has been depreciated using the straight-line method based on estimated salvage

Foley Company owns equipment that cost $65,000 when purchased on January 1, 2014. 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 Foley Company's journal entries to record the sale of the equipment in this independent situation.

(a) Sold for $42,000 on January 1, 2017

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