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Prepare pharoah company journal entries to record the sale

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Question - Pharoah Company owns equipment that cost $63,800 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,600 and an estimated useful life of 5 years.

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

(a) Sold for $29,920 on January 1, 2019.

(b) Sold for $29,920 on May 1, 2019.

(c) Sold for $10,400 on January 1, 2019.

(d) Sold for $10,400 on October 1, 2019.

Reference no: EM131723588

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