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Pryce Company owns equipment that cost $64,350 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on estimated salvage
Pryce Company owns equipment that cost $64,350 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on estimated salvage value of $8,000 and an estimated useful life of 5 years.
Prepare Pryce Companys journal entries to record the sale of the equipment in these four independent situations. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g.125.)
(a) | Sold for $34,810 on January 1, 2015. | |
(b) | Sold for $34,810 on May 1, 2015. | |
(c) | Sold for $10,450 on January 1, 2015. | |
(d) | Sold for $10,450 on October 1, 2015. |
Here is the list of accounts to use for the answer:
No. Account Titles and Explanation Debit Credit Klbj) (To record depreciation) (To record sale of equipment) (c)
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