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Prepare the appropriate journal entries to remove equipment

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Question - Bradly Company purchased equipment in 2001 for $90,000 and estimated a $6,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2007, there was $58,800 in the accumulated depreciation for this equipment using the straight-line method of depreciation. On March 31, 2008, the equipment was sold for $24,000. Prepare the appropriate journal entries to remove the equipment from the books of Bradly Company on March 31, 2008.

Reference no: EM132944491

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