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partially correct. Try again. Pryce Company owns equipment that cost $70,500 when purchased on January 1, 2017. It has been depreciated using the straight-line method
partially correct. Try again. Pryce Company owns equipment that cost $70,500 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $4,300 and an estima useful life of 5 years. Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do no manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (a) Sold for $34,720 on January 1, 2020 (b) Sold for $34,720 on May 1, 2020 (c) Sold for $10,300 on January 1, 2020. (d) Sold for $10,300 on October 1, 2020. .) dy No. Account Titles and Explanation Debit Credit (a) cash 34720 Accumulated depreciation equipment 39,720 Equipment 70500 Gain on Disposal of Plant Assets 3940 (b) depreciation expense 4413 Accumulated Depreciation equipment 4413 (To record depreciation) X gain on Disposal of Plant Assets Accumulated Depreciation equipment (To record depreciation) 4413 x gain on Disposal of Plant Assets x Cash Equipment gain on disposal of plant assets (To record sale of equipment) X (c) cash Loss on Disposal of Plant Assets X equipment X loss on disposal of Loss on Disposal of Plant Assets (d) Depreciation Expense X Accumulated depreciation equipment (To record depreciation) Cash CES X ts CP equipment loss on disposal of Loss on Disposal of Plant Assets (d) Depreciation Expense m) HA Accumulated depreciation-equipment (To record depreciation) dy Cash accumulated depre Loss on Disposal of Plant Assets X cash (To record sale of equipment) Show Work is REQUIRED for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT
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