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Prepare all necessary general journal entries to record sale

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Question - Swan Ltd purchased equipment on 1 July 2021 for $119 400 cash. Transport and installation costs of $12 600 were paid on 5 July 2021. Useful life and residual value were estimated to be 10 years and $5400 respectively. Swan Ltd depreciates equipment using the straight-line method to the nearest month, and reports annually on 30 June. On 30 September 2024, the equipment was sold for $70 000 cash.

Required - Prepare all necessary general journal entries to record the sale of the equipment on 30 September 2024.

Reference no: EM133129203

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