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Prepare the journal entry to record the sale of the forklift

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Question - On November 1, 2017, Sanderson Co. purchased a forklift as described below. After four years, on October 31, 2021, Sanderson buys a new forklift valued at $33,000. Sanderson accepts a trade-in allowance of $7,000 for the old forklift and pays the difference in cash.

Forklift

List price

$28,000

Sales tax

$1,750

Shipping costs

$800

Useful life

5 years

Residual value

$750

Required -

Compute annual depreciation expense on the forklift.

Compute book value of the forklift at Oct 31, 2021, the date of sale.

Compute gain or (loss) on the sale of the forklift.

Prepare the journal entry to record the sale of the forklift on October 31, 2021. (Assume that depreciation to date of sale already has been recorded.)

Journal entry to record the sale of the forklift.

Reference no: EM133137554

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