Journal entries to record the sale of plant assets. Chapter 11. Please prepare the following journal entries to record the disposal of plant assets. Each journal entry is worth 6 points (12 points)

Merrimac Commercial Ovens rents ovens to small bakeries on an hourly basis. It is time to replace some of the cooking and refrigeration equipment. The ovens are recorded at a cost of $96,000. Accumulated Depreciation is $61,000. A salvage dealer has offered to buy the ovens for $39,000 cash.

The refrigeration equipment has a recorded cost of $75,000, and accumulated depreciation is $70,000. The equipment can be sold for $3,500.

Record the journal entry for the sale of the ovens

Record the journal entry for the sale of the refrigeration equipment

HINT: You need to record a Gain or a Loss on the sale of the plant assets