Phill Co. has equipment that cost $50,000 and has been depreciated $30,000.
Instructions
Record entries for the disposal under the following assumptions.
(a) It was scrapped as having no value.
(b) It was sold for $23,000.
(c) It was sold for $18,000.

Question

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The Answer of Phill Co. has equipment that cost $50,000 and has been depreciated $30,000.
Instructions
Record entries for the disposal under the following assumptions.
(a) It was scrapped as having no value.
(b) It was sold for $23,000.
(c) It was sold for $18,000.

Phill Co Has Equipment That Cost $50,000 and Has Been Depreciated