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Instructions Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $22,300. At
Instructions Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $22,300. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $4,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $10,100 cash, (b) $7,700 cash, and (c) $11,200 cash. The company recorded the car as equipment
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