The Marigold Corporation is disposing of a piece of equipment on May 1, 2025. The equipment had an original cost of $348,000 when purchased on January 1, 2021. Accumulated depreciation as of 12/31/2024 was $139,200 assuming straight-line depreciation over a useful life of 10 years with no salvage value. Marigold received $220,400 on the sale of the equipment. What is the journal entry to record the sale? (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. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,125.) Date May 1, 2025 Account Titles and Explanation Debit III Credit 1

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.