Create appropriate journal entries to remove equipment

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Reference no: EM13126183

Georgia Company purchased equipment in 2001 for $90,000 and estimated a $6,000 salvage value at the end of the equipment's 10-year useful life.

At December 31, 2007, there was $58,800 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation.

On March 31, 2008, the equipment was sold for $24,000.

Prepare the appropriate journal entries to remove the equipment from the books of Georgia Company on March 31, 2008.

Reference no: EM13126183

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