Pharoah Company owns equipment that cost $71,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $11,000 and an estimated useful life of 5 years.

Prepare Pharoah Companys journal entries to record the sale of the equipment in these four independent situations

(a)Sold for $37,000 on January 1, 2022.

(b)Sold for $37,000 on May 1, 2022.

(c)Sold for $15,000 on January 1, 2022.

(d)Sold for $15,000 on October 1, 2022.

Fill in the blanks please

No. Account Titles and Explanation Debit Credit (a) Cash 37000 Accumulated Depreciation-Equipment 36000 Equipment 71000 X 2000 (b) Depreciation Expense 4000 Accumulated Depreciation-Equipment 4000 2 (To record depreciation) Cash 37000 Accumulated Depreciation-Equipment 40000 Equipment 71000 6000 (To record sale of equipment) (c) Cash 15000 Tacumulared nanrariationen inment Rannal 6000 (To record sale of equipment) 15000 (c) Cash 36000 Accumulated Depreciation-Equipment 20000 Loss on Disposal of Plant Assets 71000 Equipment X (d) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Cash 15000 x Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets 71000 Equipment