Do not give answer in image formate (b)Prepare the journal entry to record the sale of the equipment. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter 0 for the amounts. List all debitentries before credit entries.)Date Account TitlesMar.31CashAccumulated Depreciation - EquipmentEquipmentGain on DisposalDebiteTextbook and MediaList of Accounts.Save for Later Last saved 1 second ago.Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minuteAttempts: 0 of 3 usedSubm(c)The parts of this question must be completed in order. This part will be available when you com Crane Company sells equipment on March 31, 2024, for $33,590 cash. The equipment was purchased onJanuary 5, 2021, at a cost of $82,000, and had an estimated useful life of five years and a residual value of$3,100. Crane Company uses straight-line depreciation for equipment. Adjusting journal entries are madeannually at the company's year end, December 31.(a)Your answer is correct.Prepare the journal entry to update depreciation to March 31, 2024. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter 0 for the amounts. List debit entrybefore credit entry.)Titlesiation Expensenulated Depreciation - EquipmenteTextbook and MediaDebit3945Credit3945

Gain or Loss on disposal :— It is calculated by deducting book value of asset from cash received…

Crane Company sells equipment on March 31, 2024, for $33,590 cash. The equipment was purchased on January 5, 2021, at a cost of $82,000, and had an estimated useful life of five years and a residual value of $3,100. Crane Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31.

Crane Company sells equipment on March 31, 2024, for $33,590 cash. The equipment was purchased on January 5, 2021, at a cost of $82,000, and had an estimated useful life of five years and a residual value of $3,100. Crane Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31.

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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