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PLEASE SHOW EACH STEP AND HOW YOU GOT THE SOLUTION FOR BETTER UNDERSTANDING FOR FUTURE HOMEWORK QUESTIONS. LLC owns equipment costing $65,200 when purchased on
PLEASE SHOW EACH STEP AND HOW YOU GOT THE SOLUTION FOR BETTER UNDERSTANDING FOR FUTURE HOMEWORK QUESTIONS.
LLC owns equipment costing $65,200 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $4,200 and an estimated useful life of 5 years. Prepare journal entries to record the sale of the equipment in these four independent situations. (
(a) | Sold for $31,545 on January 1, 2020. | |
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(b) | Sold for $31,545 on May 1, 2020. | |
(c) | Sold for $11,005 on January 1, 2020. | |
(d) | Sold for $11,005 on October 1, 2020. |
Account Titles and Explanation Debit Credit (To record depreciation) (To record sale of equipment) (To record depreciation)
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