Lynn Company owns equipment that cost $120000 when purchased on January 1 2014. It has been depreciated using the straight-line method based on estimated salvage value of $15000 and an estimated useful life of 5 years.
Instructions
Prepare Lynn Company's journal entries to record the sale of the equipment in these four independent situations. 11eb1392_1bd7_26af_8021_c7e35195b1cb

Question

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The Answer of Lynn Company owns equipment that cost $120000 when purchased on January 1 2014. It has been depreciated using the straight-line method based on estimated salvage value of $15000 and an estimated useful life of 5 years.
Instructions
Prepare Lynn Company's journal entries to record the sale of the equipment in these four independent situations. 11eb1392_1bd7_26af_8021_c7e35195b1cb

Lynn Company Owns Equipment That Cost $120000 When Purchased on January