Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $25,300. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $4,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018.

Disposal of Fixed Asset Instructions Chart of Accounts General Journal Instructions Perfect Auto Rentals sold one of its cars on January 1, 2019. Pefct had acquired the car on January 1, 2017, for $25,300. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $4,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018 Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $11,100 cash, (b) $8,700 cash, and (c) $12,500 cash. The company recorded the car as equipment. Prepare the journal entry to record the sale of the car on December 31 assuming the car sold for (a) $11,100 cash, (b) $8,700 cash, and (c) $12,500 cash. The company recorded the car as IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME DATE ACCOUNT TITLE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE E