Crane Limited sells equipment on September 30, 2021, for $38,960 cash. The equipment originally cost $138,320 when purch

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Crane Limited Sells Equipment On September 30 2021 For 38 960 Cash The Equipment Originally Cost 138 320 When Purch 1 (51.97 KiB) Viewed 37 times

Crane Limited sells equipment on September 30, 2021, for $38,960 cash. The equipment originally cost $138,320 when purchased on January 1, 2019. It has an estimated residual value of $4,040 and a useful life of five years. Depreciation is recorded annually and was last recorded on December 31, 2020, the company's year end. Record debit side accounts first followed by credit side accounts. (a) Your answer has been saved. See score details after the due date. Prepare the journal entry to update depreciation using the straight-line method to September 30, 2021. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation (b) Cash Equipment Debit Account Titles and Explanation 38960 Debit Credit Prepare the journal entry to record the sale of the equipment. (List all debit entries before credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 38960 Credit Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer