journal entry

Required information When a plant asset is discarded or sold, its cost and accumulated depreciation are removed from the accounts. Any cash proceeds from discarding or selling an asset are recorded and compared to the asset's book value to determine gain or loss. On December 29, 2020. Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight line depreciation Complete the necessary Journal entry to bring the accumulated depreciation up to date by selecting the account names from the drop down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet On December 29, 2020, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 29