Equipment acquired on January 5, 2009, at a historical cost of $380,000 has accumulated depreciation of...
Equipment acquired on January 5, 2009, at a historical cost of $380,000 has accumulated depreciation of $95,625 as of december 31, 2012. What is the journal entry to record the sale assuming the asset sold for $270,000 on December 31, 2012? How would the entry change if the equipment was sold for $350,000?
Homework Answers
| No. | Date | Account | Debit | Credit |
| 1 | dec 31, 2012 | cash | 270000 | |
| Accumulated depreciation | 95625 | |||
| Loss on sale | 14375 | |||
| Equipment | 380000 | |||
| 2 | dec 31, 2012 | cash | 350000 | |
| Accumulated depreciation | 95625 | |||
| Equipment | 380000 | |||
| Profit on sale | 65625 |
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