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hi! I'm struggling with this. Can you please help me? :) Cullumber Company owns equipment that cost $61,500 when purchased on January 1, 2019. It
hi! I'm struggling with this. Can you please help me? :)
Cullumber Company owns equipment that cost $61,500 when purchased on January 1, 2019. It has been depreclated using the straight-line method based on estimated salvage value of $4,800 and an estimated useful life of 5 years. Prepare Cullumber Compamy's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before oredit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manuolly. If no entry is requibed, select "No Entry" for the occount titles and enter Ofor the amounts) (a) Sold for $29,020 on January 1, 2022 (b) Sold for $29,020 on May 1, 2022 . (c) Sold for $10,300 on January 1,2022. (d) Sold for $10,300 on October 1.2022. (b) Depreciation Expense 3,790 Accumalated Depredation Equipment (To record depreciation) Equipment (To record sale of equipment) (c) Cash Lovs on Dispotal of Plant Rssets Enuipitent (d) 10.300 Actumalated Deqrecation-Liguipenent (To record depreciation)) Question 5 of 6 11.67/20 (To record sale of equipment) (c) Cash 10,300 (d) Accumulated Depreciation- Equipment (To record depreciation) Locran Diposat of flant Awets Equipriment (Torecord sale of equipment) eTextbook and Media List of Accounts Attempts: 1 of 3 used Step by Step Solution
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