Gurney Company sold equipment on July 31, 2010 for $50,000. The equipment had cost $140,000 and had $80,000 of accumulated depreciation as of January 1, 2010. Depreciation for the first 6 months of 2010 was $8,000.
Instructions
Prepare the journal entry to record the sale of the equipment.

Question

Quizplus · Accepted Answer

The Answer of Gurney Company sold equipment on July 31, 2010 for $50,000. The equipment had cost $140,000 and had $80,000 of accumulated depreciation as of January 1, 2010. Depreciation for the first 6 months of 2010 was $8,000.
Instructions
Prepare the journal entry to record the sale of the equipment.

Gurney Company Sold Equipment on July 31, 2010 for $50,000