Question $27$

$8$ pts

Walmart, Inc., purchased equipment on January $1,$ Year $1$ for $$66,000.$ It predicted that the equipment would last for $6$ years and would have a salvage value of $$6,000.$ Straight$-$line depreciation method is being used.

At the end of Year $4,$ Walmart, Inc. sold the equipment for $$30,000.$ Assuming the depreciation expense for Year $4$ has already been recorded, prepare the journal entry for Walmart's sale of the equipment.