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Prepare skysong inc journal entries to record the sale

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Reference no: EM133135079

Question - Skysong, Inc. owns equipment that cost $64,300 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $3,400 and an estimated useful life of 5 years.

Required - Prepare Skysong, Inc.'s journal entries to record the sale of the equipment in these four independent situations.

(a) Sold for $31,540 on January 1, 2022.

(b) Sold for $31,540 on May 1, 2022.

(c) Sold for $10,300 on January 1, 2022.

(d) Sold for $10,300 on October 1, 2022.

Reference no: EM133135079

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