Pharoah Company owns equipment that cost $71.000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $11,000 and an estimated useful life of 5 years. Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $37,000 on January 1, 2022. (b) Sold for $37,000 on May 1, 2022 (c) Sold for $15,000 on January 1, 2022 (d) Sold for $15,000 on October 1, 2022
Pharoah Company owns equipment that cost $71.000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $11,000 and an estimated useful life of 5 years. Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $37,000 on January 1, 2022. (b) Sold for $37,000 on May 1, 2022 (c) Sold for $15,000 on January 1, 2022 (d) Sold for $15,000 on October 1, 2022
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 8P
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![Pharoah Company owns equipment that cost $71.000 when purchased on January 1, 2019. It has been depreciated using the straight-
line method based on an estimated salvage value of $11,000 and an estimated useful life of 5 years.
Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account
titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
(a)
Sold for $37,000 on January 1, 2022.
(b)
Sold for $37,000 on May 1, 2022.
(c)
Sold for $15,000 on January 1, 2022.
(d)
Sold for $15,000 on October 1, 2022](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa0a1b0e0-ed6f-4664-b608-9f2971253ec4%2F0e75ecc1-da72-4076-9965-172ccda867b8%2Fzzlv0j8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Pharoah Company owns equipment that cost $71.000 when purchased on January 1, 2019. It has been depreciated using the straight-
line method based on an estimated salvage value of $11,000 and an estimated useful life of 5 years.
Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account
titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
(a)
Sold for $37,000 on January 1, 2022.
(b)
Sold for $37,000 on May 1, 2022.
(c)
Sold for $15,000 on January 1, 2022.
(d)
Sold for $15,000 on October 1, 2022
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