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Prepare Pryce Company journal entries

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Reference no: EM132875431

Question - Pryce Company owns equipment that cost $67,200 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.

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

(a) Sold for $32,320 on January 1, 2020.

(b) Sold for $32,320 on May 1, 2020.

(c) Sold for $10,400 on January 1, 2020.

(d) Sold for $10,400 on October 1, 2020.

Reference no: EM132875431

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