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Make Pryce Company journal entries to record the sale

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Question - Pryce Company owns equipment that cost $60,000 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $3,000 and an estimated useful life of 5 years.

Required - Make Pryce Company's journal entries to record the sale of the equipment in these four independent situations.

(a) Sold for $29,200on January 1, 2020.

(b) Sold for $29,200on May 1, 2020.

(c) Sold for $10,000on January 1, 2020.

(d) Sold for $10,000on October 1, 2020.

Reference no: EM132718523

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