Sale of Plant Asset

Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipments sale for (Round to the nearest dollar):

a.	$30,000	cash
b.	$23,750	cash
c.	$21,000	cash

General Journal
Date	Description	Debit	Credit
a.	Cash	Answer	Answer
	Answer

	Answer	Answer
	Equipment	Answer	Answer
	Answer

Answer	Answer
	To record sale of equipment.
b.	Cash	Answer	Answer
	Answer

Answer	Answer
	Answer

Answer	Answer
	To record sale of equipment.
c.	Cash	Answer	Answer
	Answer

Answer	Answer
	Accumulated Depreciation - Equipment	Answer	Answer
	Answer

Answer	Answer
	To record sale of equipment.