Reference no: EM132742161
Question - Kingbird, Inc. owns equipment that cost $63,300 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $5,100 and an estimated useful life of 5 years.
Required - Prepare Kingbird, Inc.'s journal entries to record the sale of the equipment in these four independent situations.
(a) Sold for $29,920 on January 1, 2020.
(b) Sold for $29,920 on May 1, 2020.
(c) Sold for $10,500 on January 1, 2020.
(d) Sold for $10,500 on October 1, 2020.
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