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PLEASE HELP ASAP Cheyenne Company owns equipment that cost $94,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based
PLEASE HELP ASAP
Cheyenne Company owns equipment that cost $94,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $9.400 and an estimated useful fife of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Cheyenne Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.) (a) Sold for $55,000 on January 1,2022 (b) Sold for $55,000 on April 1,2022 (c) Sold for $19,500 on January 1,2022. (d) Sold for $19,500 on September 1.2022 (e) Repeat (a), assuming Cheyenne uses double-declining balance depreciation. (f) Repeat (c), assuming Cheyenne uses double-declining balance depreciation. (b) (To record depreciation) (To record sale of Equipment) (c) (c) (d) (To record depreciation) (Torecord depreciation) (To record sale of Equipment) (c) [ Step by Step Solution
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