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Prepare Kelly Companys journal entries to record the sale

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Question - Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Gene Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2009.)

Kelly Company owns equipment that cost $70,000 when purchased on January 1, 2007. It has been depreciated using the straight-line method based on estimated salvage value of $10,000 and an estimated useful life of 5 years.

Instructions - Prepare Kelly Company's journal entries to record the sale of the equipment in these four independent situations.

(a) Sold for $38,000 on January 1, 2010.

(b) Sold for $38,000 on May 1, 2010.

(c) Sold for $23,000 on January 1, 2010.

(d) Sold for $23,000 on October 1, 2010.

Reference no: EM132511150

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