Howarth Manufacturing Company purchased equipment on June $30,2020,$ at a cost of $$175,000.$ The residual value of the equipment was estimated to be $$10,000$ at the end of a five$-$year life. The equipment was sold on March $31,2024,$ for $$48,000.$ Howarth uses the straight$-$line depreciation method for all of its plant and equipment. Partial$-$year depreciation is calculated based on the number of months the asset is in service.

Required:

Prepare the journal entry to record the sale.

Assuming that Howarth had instead used the double$-$declining$-$balance method, prepare the journal entry to record the sale.

Complete this question by entering your answers in the tabs below.

Prepare the journal entry to record the sale.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record sale of equipment.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,]]$Howarth Manufacturing Company purchased equipment on June $30,2020,$ at a cost of $$175,000.$ The residual value of the equipment was estimated to be $$10,000$ at the end of a five$-$year life. The equipment was sold on March $31,2024,$ for $$48,000.$ Howarth uses the straight$-$line depreciation method for all of its plant and equipment. Partial$-$year depreciation is calculated based on the number of months the asset is in service.

Required:

Prepare the journal entry to record the sale.

Assuming that Howarth had instead used the double$-$declining$-$balance method, prepare the journal entry to record the sale.

Complete this question by entering your answers in the tabs below.

Prepare the journal entry to record the sale.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record sale of equipment.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,]]$