Oriole Company Owns Equipment That Cost 60 900 When Purchased On January 1 2019 It Has Been Depreciated Using The Str 1 (58.93 KiB) Viewed 35 times
Oriole Company Owns Equipment That Cost 60 900 When Purchased On January 1 2019 It Has Been Depreciated Using The Str 2 (69.69 KiB) Viewed 35 times
Oriole Company Owns Equipment That Cost 60 900 When Purchased On January 1 2019 It Has Been Depreciated Using The Str 3 (23.61 KiB) Viewed 35 times
Oriole Company owns equipment that cost $60,900 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated salvage value of $4,200 and an estimated useful life of 5 years. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entrie before credit entries. Credit account titles are automatically indented when 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) (a) (b) (c) (d) No. Account Titles and Explanation 3 (a) Sold for $29,020 on January 1, 2022. Sold for $29,020 on May 1, 2022. Sold for $11,000 on January 1, 2022. Sold for $11,000 on October 1, 2022. (b) Cash Accumulated Depreciation-Equipment Equipment Gain on Disposal of Plant Assets Depreciation Expense Accumulated Depreciation Equipment To record depreciation) Debit 29020 34680 Credit 60900 2800
(b) (c) (d) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment) Cash Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Cash
(To record depreciation) Cash Accumulated Depreciation-Equipment Loss on Disposal of Plant Assets Equipment (To record sale of equipment)
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