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Prepare the appropriate journal entries

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Problem - On April 30th, 2020 Alexander Corporation sold equipment for cash of $25,000. The equipment had been purchased on July 15', 2018 for $45,000 and at that time they had estimated a $17,000 residual value at the end of the equipment's 4-year useful life. Alexander Corporation has a December 315t year end, adjusts its records annually, and uses the double declining/diminishing balance method of depreciation for this equipment.

Prepare the appropriate journal entrie(s) to record the disposal of the equipment on April 30th, 2020. Please show all calculations to receive full marks. Round all amounts to the nearest dollar.

Reference no: EM132740604

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