Gurney Company sold equipment on July 31, 2014 for $75,000. The equipment had cost $210,000 and had $120,000 of accumulated depreciation as of January 1, 2014. Depreciation for the first 6 months of 2014 was $10,000.
Instructions
Prepare the journal entry to record the sale of the equipment.

Question

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The Answer of Gurney Company sold equipment on July 31, 2014 for $75,000. The equipment had cost $210,000 and had $120,000 of accumulated depreciation as of January 1, 2014. Depreciation for the first 6 months of 2014 was $10,000.
Instructions
Prepare the journal entry to record the sale of the equipment.

Gurney Company Sold Equipment on July 31, 2014 for $75,000