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Make the journal entry to record the sale

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Reference no: EM13555486

Disposal of property, plant, and equipment

Funseth Farms Inc. purchased a tractor in 2010 at a cost of $30,000. The tractor was sold for $3,000 in 2013. Depreciation recorded through the disposal date totaled $26,000.

Required:

1. Prepare the journal entry to record the sale.

2. Assuming that the tractor was sold for $10,000, prepare the journal entry to record the sale.

Reference no: EM13555486

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