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Metlock Inc. owns equipment that costs $62,200 when purchased on January 1st, 2016. It has been depreciated using the straight-line method based on an estimated
Metlock Inc. owns equipment that costs $62,200 when purchased on January 1st, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $4,000 and an estimated useful life of 5 years. Prepare Metlock Incs journal entries to record the sale of equipment in these 4 independent situations. a) Sold for $29,920 on January 1st, 2019 b) Sold for $29,920 on May 1st, 2019 c) Sold for $10,700 on January 1st, 2019 d) Sold for $10,700 on October 1st, 2019 
No. Account Titles and Explanation Debit Credit (To record depreciation) (To record sale of equipment)
Prepare Metlock Incs journal entries to record the sale of equipment in these 4 independent situations.
a) Sold for $29,920 on January 1st, 2019
b) Sold for $29,920 on May 1st, 2019
c) Sold for $10,700 on January 1st, 2019
d) Sold for $10,700 on October 1st, 2019
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
