Record the sale of the equipment

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Reference no: EM131140319

1. Chan Company sells office equipment on September 30, 2010, for $20,000 cash. The office equipment originally cost $72,000 and as of January 1, 2010, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2010 is $5,250. Prepare the journal entries to

(a) Update depreciation to September 30, 2010, and 

(b) Record the sale of the equipment. 

Reference no: EM131140319

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