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Prepare journal entries to record disposal of the equipment

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Question: On April 30th, 2020 Alexander Corporation sold equipment for cash of $25,000. The equipment had been purchased on July 15', 2018 for $45,000 and at that time they had estimated a $17,000 residual value at the end of the equipment's 4-year useful life. Alexander Corporation has a December 315t year end, adjusts its records annually, and uses the double declining/diminishing balance method of depreciation for this equipment.

Prepare the appropriate journal entrie(s) to record the disposal of the equipment on April 30th , 2020. Please show all calculations to receive full marks. Round all amounts to the nearest dollar.

Reference no: EM132753215

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