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Prepare pryce company journal entries to record the sale

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Question - Pryce Company owns equipment that cost $60,600 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $8,500 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 $32,260 on January 1, 2014.

(b) Sold for $32,260 on May 1, 2014.

(c) Sold for $10,140 on January 1, 2014.

(d) Sold for $10,140 on October 1, 2014.

Reference no: EM132110575

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