Suppose a piece of plant equipment that PepsiCo put into service on January 1, 2014 at a total cost of $300,000 with an expected useful life of 5 years and a salvage value of $60,000 is sold on June 30, 2018 for $60,000. The accumulated depreciation is $216,000.

Record this Transaction: What would the journal entry look like to record this sale? ACCOUNTS AMOUNTS CASH PROPERTY, PLANT, & EQUIPMENT $24,000 $60,000 DEPRECIATION ACCUMULATED DEPRECIATION $216,000 $120,000 6.000 GAIN/LOSS ON DISPOSAL OF ASSETS COST OF GOODS SOLD $240,000 $300,000 $300,000 JOURNAL ENTRY DATE DEBIT ACCOUNTS ACCOUNTS DEBIT CREDIT 06/30/18 06/30/18 06/30/18 06/30/18 To record the sale of plant equipment