On November 1,2011,Rob's Auto Repair purchased diagnostic equipment for $18,000.The equipment had an estimated residual value of $3,000 and a five-year life and was sold on May 1,2013.Assuming that the company depreciates the asset on a straight-line basis and reports on a calendar-year basis,journalize the following independent transactions in the journal provided.(Omit explanations.)
a.The entry to update depreciation to May 1,2013
b.The entry to record the sale for $15,000
c.The entry to record the sale instead for $11,000
d.The entry to record the sale instead for $13,500

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The Answer of On November 1,2011,Rob's Auto Repair purchased diagnostic equipment for $18,000.The equipment had an estimated residual value of $3,000 and a five-year life and was sold on May 1,2013.Assuming that the company depreciates the asset on a straight-line basis and reports on a calendar-year basis,journalize the following independent transactions in the journal provided.(Omit explanations.)
a.The entry to update depreciation to May 1,2013
b.The entry to record the sale for $15,000
c.The entry to record the sale instead for $11,000
d.The entry to record the sale instead for $13,500

On November 1,2011,Rob's Auto Repair Purchased Diagnostic Equipment for $18,000