On January 2,2017,Barnes Enterprises purchased equipment for $42,000 cash,expecting the equipment to remain in service for five years,with a $4,000 residual value.Barnes uses straight-line depreciation.On April 30,2019,Barnes sold the equipment for $20,000 cash.
Requirement:
Prepare the journal entries to record the purchase of the equipment; depreciation for 2017,2018,and 2019; and the sale of the equipment.Omit explanations and round to the nearest dollar.

Question

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The Answer of On January 2,2017,Barnes Enterprises purchased equipment for $42,000 cash,expecting the equipment to remain in service for five years,with a $4,000 residual value.Barnes uses straight-line depreciation.On April 30,2019,Barnes sold the equipment for $20,000 cash.
Requirement:
Prepare the journal entries to record the purchase of the equipment; depreciation for 2017,2018,and 2019; and the sale of the equipment.Omit explanations and round to the nearest dollar.

On January 2,2017,Barnes Enterprises Purchased Equipment for $42,000 Cash,expecting the Equipment