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#26

#25

Question 26 of 30 -/10 E View Policies Current Attempt in Progress Lynn Company owns equipment that cost $120,000 when purchased on January 1, 2018. It has been depreciated using the straight- line method based on estimated salvage value of $15,000 and an estimated useful life of 5 years. Prepare Lynn Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts) (a) Sold for $58,000 on January 1, 2021 (b) Sold for $58,000 on May 1, 2021 c) Sold for $32.000 on January 1, 2021. Id Sold for $32,000 on October 1, 2021 Date Account Titles and Explanation Debit Credit () b) (6) (To record depreciation expense) Question 26 of 30 > - / 10 (To record disposal of equipment at a gain) le Id (To record depreciation expense) (To record disposal of equipment at a loss) Attempts: 0 of 2 used Sultamilan Savo Lastved 1 hour ago Saved work will be automated on the due date Auto mission can be 10 Type here to search ORA Question 25 of 30 -/10 immer company said the following two machines in 2021 Machine A Machines Cost $76,000 $80,000 Purchase date 7/1/17 1/1/18 Useful life 8 years 5 years Salvage value $4,000 $4.000 Depreciation method Double-declining-balance Straight line 7/1/21 Date sold 8/1/21 Sales price $35.000 $16,000 Journalize all entries required to update depreciation and record the sales of the two assets in 2021. The company has recorded depreciation on the machines through December 31, 2020. (Credit account titles are automatically indented when the amount bentered Do not indent manually of no entry is required, select "No Entry for the account titles and enter for the amount Machine A Date Account Titles and Explanation Debit Credit July 1 (To record depreciation expense) July 1 To record depreciation expense) July (To record the sale of asset) Machine B Date Account Titles and Explanation Debit Credit Aug 1 (To record depreciation expense) Aug 1 (To record the sale of asset) Attempts of 2 used fewer Type here to search O