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Prepare pryce company journal entries to record the sale

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Question - Pryce Company owns equipment that cost $60,000 when purchased on January 1, 2014. It has been depreciated using the straight-line method based on estimated salvage value of $3,000 and an estimated useful life of 5 years.

Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations.

(a) Sold for $29,200 on January 1, 2017.

(b) Sold for $29,200 on May 1, 2017.

(c) Sold for $10,000 on January 1, 2017.

(d) Sold for $10,000 on October 1, 2017.

Reference no: EM131912430

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