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Sheridan Limited purchased delivery equipment on March 1, 2016, for $133,750 cash. At that time, the equipment was estimated to have a useful life of

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Sheridan Limited purchased delivery equipment on March 1, 2016, for $133,750 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10,940. The equipment was disposed of on November 30, 2018. Sheridan uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually. Record the acquisition of equipment on March 1, 2016. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Mar. 1 e Textbook and dedia List of Accounts Credit Record depreciation at August 31, 2016, 2017 and 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, es 5,275) Debit Date Account Titles and Explanation Aug. 31, 2016 21 2017 Record depreciation at August 31, 2016, 2017, and 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, s. 5,275.) Date Account Titles and Explanation Aug. 31, 2016 Debit Credit Aug. 31, 2017 Aug. 31, 2018 I e Textbook and Media List of Accounts Record the disposal of the equipment on November 30, 2018, under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts) 1. It was sold for $58,250. In for $81.180. Record the disposal of the equipment on November 30, 2018, under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry for the account titles and enter for the amounts.) 1. It was sold for $58,250. 2. It was sold for $81,180 3. It was retired for no proceeds. No. Date Account Titles and Explanation Debit Credit Nov. 30 (To record depreciation on equipment disposed) (1) Nov. 30 (2) Nov. 30 (3) Nov. 30

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