Howarth manufacturing company purchased a lathe on june 30

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Reference no: EM13569077

Howarth Manufacturing Company purchased a lathe on June 30, 2009, at a cost of $95,000. The residual value of the lathe was estimated to be $5,000 at the end of a five-year life. The lathe was sold on March 31, 2013, for $21,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service.

Required:

Prepare the journal entry to record the sale. (If no entry is required for a event, select "No journal entry required" in the first account field.)

Event	General Journal	Debit	Credit
1	Accumulated Depreciation - Lathe
	Cash

Assuming that Howarth had instead used the sum-of-the-years'-digits depreciation method, prepare the journal entry to record the sale. (If no entry is required for a event, select "No journal entry required" in the first account field.)

Event	General Journal	Debit	Credit
1	Accumulated Depreciation -Lathe
	Cash

Reference no: EM13569077

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