Basics of journal entries to record the sale of equipment

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Reference no: EM13145283

Beka Company owns equipment that cost $50,000 when purchased on January 1, 2007. It has been depreciated using the straight-line method based on estimating salvage value of $5,000 and an estimated useful life of 5 years.

Instructions:

Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.

Sold for $20,000 on January 1, 2010.
Sold for $28,000 on May 1, 2010.
Sold for $11,000 on January 1, 2010.
Sold for $11,000 on October 1, 2010.

Reference no: EM13145283

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