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Journalize the partial year depreciation

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Question - A business truck was purchased on January 10, 2013 for $80,000, with an estimated life of 10 years and a residual value of $15,000. It was sold on March 31, 2021 for $25,000 cash. (Assume all appropriate entries for depreciation had been made for the first eight years of use - 2013 through 2020, but not for the partial year in 2021.) Journalize the following entries:

(a) Journalize the partial year depreciation as of the day of the sale (March 31st), using the straight-line method.

(b) Journalize the sale of the equipment.

Format: Use the Chart of Accounts to enter correct account name. Enter debits and credits as whole numbers WITH COMMAS, but NO DECIMALS OR DOLLAR SIGNS!

Reference no: EM133087858

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