E10.10 (LO 3) Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations. a. Sold for $32,000 on January 1, 2020. b. Sold for $28,000 on May 1, 2020. c. Sold for $13,000 on January 1, 2020. d. Sold for $10,000 on October 1, 2020. Prob 1 Prob 2 Prob 3

E10.10 (LO 3) Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations. a. Sold for $32,000 on January 1, 2020. b. Sold for $28,000 on May 1, 2020. c. Sold for $13,000 on January 1, 2020. d. Sold for $10,000 on October 1, 2020. Prob 1 Prob 2 Prob 3

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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