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Question - Pryce Company owns equipment that cost $64,650 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $9,500 and an estimated useful life of 5 years.
Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations.
(a) Sold for $34,090 on January 1, 2014.
(b) Sold for $34,090 on May 1, 2014.
(c) Sold for $10,230 on January 1, 2014.
(d) Sold for $10,230 on October 1, 2014.
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