Question
On January 1, Year 1, Twisted Pretzel, Inc., purchased equipment for $32,000 with an estimated useful life of 8 years and $0 salvage value. On
On January 1, Year 1, Twisted Pretzel, Inc., purchased equipment for $32,000 with an estimated useful life of 8 years and $0 salvage value. On January 1, Year 5, Twisted Pretzel, sold the equipment for $14,000 cash. The journal entry to record the sale of this equipment includes ______. (Select all that apply.)
credit to Accumulated Depreciation for $16,000
debit to Cash for $14,000
debit to Gain (Loss) on Sale of Equipment for $2,000
debit to Equipment for $32,000
credit to Gain (Loss) on Sale of Equipment for $2,000
credit to Equipment for $32,000
debit to Accumulated Depreciation for $16,000
credit to Cash for $14,000
credit to Equipment for $16,000
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