Oriole Company owns equipment that cost $62,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $2,000 and an estimated useful life of 5 years. Prepare Oriole Companys journal entries to record the sale of the equipment in these four independent situations.

(a)		Sold for $28,000 on January 1, 2022.
(b)		Sold for $28,000 on May 1, 2022.
(c)		Sold for $7,000 on January 1, 2022.
(d)		Sold for $7,000 on October 1, 2022.

No.

Account Titles and Explanation

Debit

Credit

(a)(b)

(To record depreciation)

(To record sale of equipment)

(c)(d)

(To record depreciation)

(To record sale of equipment)