A company owns equipment that cost $126,400 and has accumulated depreciation of $94,500 as ofJanuary 1. Prepare the entry to record the disposal of this equipment on January 1 for each separatesituation.a. Equipment is sold for $32,700 cash.b. Equipment is sold for $23,500 cash.View transaction listJournal entry worksheet12Record the sale of the equipment for $32,700 cash.Note: Enter debits before credits.DateJanuary 01General JournalDebitCredit Journal entry worksheet< 1 2Record the sale of the equipment for $23,500 cash.Note: Enter debits before credits.DateJanuary 01Record entryGeneral JournalClear entryDebitCreditView general journal

Journal Entry :— It is an act of recording transaction in books of account when transaction…

A company owns equipment that cost $126,400 and has accumulated depreciation of $94,500 as of January 1. Prepare the entry to record the disposal of this equipment on January 1 for each separate situation.

A company owns equipment that cost $126,400 and has accumulated depreciation of $94,500 as of January 1. Prepare the entry to record the disposal of this equipment on January 1 for each separate situation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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