Wildhorse Company owns equipment that cost $$42,000$ when purchased on January $2,2024.$ It has been depreciated using the

straight$-$line method based on estimated residual value of $$6,000$ and an estimated useful life of five years.

Following are the four independent situations. Assume depreciation has been recorded to the date of sale.

$($a$)$

Correct Answer $($Used$)$

Prepare Wildhorse Company's journal entry to record the sale of the equipment for $$24,000$ on January $2,2027.($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 $0$ for the amounts. List all debit entries before credit entries.$)$

Date Account Titles

Jan. $2$

Cash

Accumulated Depreciation$-$EquipmentPrepare Wildhorse Company's journal entry to record the sale of the equipment for $$24,000$ on May $1,2027.($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 $0$ for the amounts. List all debit entries before credit entries.$)$

Date Account Titles

May $1$

Debit

Credit