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Equipment with an 8-years useful life was purchased on march 1, 2015, for $150,000. The equipment has been depreciated using the straight line method with an estimated residual value of $20,000. It was sold for $45,000 on August 23,2020. The company rounds depreciation to the nearest month.
Required:
Problem A) provide the required journal entries on August 23, 2020, for the sale of the equipment. Round figures to the nearest dollar.
Problem B) Assume instead that the equipment is depreciated using the units of production method. It is estimated that the equipment will produce a total of 260,000 units. Production up to and including December 31, 2019 was 160,000 units. Production in 2020 to the date of sale was 40,000 units provide the required journal entries for the sale of the equipment.
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