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Record entries for the disposal of the delivery equipment

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Question - Phil Co. has delivery equipment that cost $54,000 on January 1, 2014. The delivery equipment is expected to have a useful life of 10 years with a salvage of $4,000. Phil uses a straight-line depreciation method. Record entries for the disposal of the delivery equipment on July 1, 2018 under the following assumptions.

(a) It was scrapped as having no value.

(b) It was sold for $37,000.

(c) It was sold for $ 18,000.

Reference no: EM133072714

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