Homework Answers
ANSWER:
Journal entries:
| Sr. No | Account title | Debit ($) | Credit ($) |
|---|---|---|---|
| 1 |
cash accumulated depreciation - equipment Equipment Gain on sale of equipment |
14400 14100 . . |
. . 27000 1500 |
| 2 |
cash accumulated depreciation - equipment loss on sale of equipment Equipment |
9400 14100 3500 . |
. . . 27000 |
accumulated depreciation = [($27,000 - $3,500)/ 5] x
3
= $14100
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