On March 1, 2018, Crux Industries sells machinery for $63,000. The machinery originally cost $135,000 and had an estimated 9-year life with an expected salvage value of $27,000. The Accumulated Depreciation account had a balance of $85,976 on December 31, 2017.

What is the gain or loss on the date of the sale? (Hint: Dont forget to update depreciation through the date of sale first!)

What is the journal entry to record this sale?

03/01/2018