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Make the appropriate journal entries to remove equipment

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SAM Company Ltd purchased equipment in 2010 for $104,000 with an estimated salvage value of $8,000 and a 10-year useful life. At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000.

Required:

Problem 1: Prepare the appropriate journal entries to remove the equipment from the books of SAM Company Ltd on March 31, 2017

Reference no: EM132751763

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