Garcia Company owns equipment that cost $84,000, with accumulated depreciation of $44,400.Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $52,400 cash, (2) $39,600 cash, and (3) $34,500 cash.**Journal Entry Worksheet**- **View Transaction List** (button)Tabs A, B, C are available, with tab A selected, which reads:"Record the sale of equipment assuming Garcia sells the equipment for $52,400 cash."*Note: Enter debits before credits.*| Transaction | General Journal | Debit | Credit ||-------------|-----------------|-------|--------|| 1 | | | || | | | || | | | || | | | || | | | |This worksheet is used to record the different journal entries for the sale of equipment under the specified conditions.

Given, Cost = $84,000 Accumulated depreciation = $44,400 Book value = Cost - Accumulated…

Garcia Company owns equipment that cost $84,000, with accumulated depreciation of $44,400. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $52,400 cash, (2) $39,600 cash, and (3) $34,500 cash.

Garcia Company owns equipment that cost $84,000, with accumulated depreciation of $44,400. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $52,400 cash, (2) $39,600 cash, and (3) $34,500 cash.

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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