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Pryce company owns equipment that cost 65000 when purchased

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Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.

Instructions

Prepare Pryce Company"s journal entries to record the sale of the equipment in these four independent situations.

(a)Sold for $31,000 on January 1, 2014.

(b)Sold for $31,000 on May 1, 2014.

(c)Sold for $11,000 on January 1, 2014.

(d)Sold for $11,000 on October 1, 2014.

Reference no: EM13575263

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