Equipment was purchased for $24,000 on January 1,2018.The equipment's estimated useful life was five years,and its residual value was $4,000.The straight-line method of depreciation was used.Prepare the journal entry to record the sale of the equipment for $25,000 on January 3,2019.The company has a calendar year accounting period.Omit explanation.

Question

Quizplus · Accepted Answer

The Answer of Equipment was purchased for $24,000 on January 1,2018.The equipment's estimated useful life was five years,and its residual value was $4,000.The straight-line method of depreciation was used.Prepare the journal entry to record the sale of the equipment for $25,000 on January 3,2019.The company has a calendar year accounting period.Omit explanation.

Equipment Was Purchased for $24,000 on January 1,2018