Jolie Company owns equipment with a cost of $157,500 and accumulated depreciation of $55,125.

Required:

Prepare the journal entry to record the disposal of the equipment on April 9 assuming:

Question Content Area

1. Jolie sold the equipment for $113,600 cash. If an amount box does not require an entry, leave it blank.

Apr. 9

	Accumulated Depreciation

	Cash

	Gain on Disposal of Property, Plant, and Equipment

Equipment

Question Content Area

2. Jolie sold the equipment for $95,200 cash. If an amount box does not require an entry, leave it blank.

Apr. 9

	Accumulated Depreciation

	Cash

	Loss on Disposal of Property, Plant, and Equipment

Equipment