Cheney Company sold a 20-ton mechanical draw press (equipment) for $60,000. The old draw press cost $77,000 and had a book value of $55,000.
Required:
Prepare the journal entry to record the disposition.

Question

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The Answer of Cheney Company sold a 20-ton mechanical draw press (equipment) for $60,000. The old draw press cost $77,000 and had a book value of $55,000.
Required:
Prepare the journal entry to record the disposition.

Cheney Company Sold a 20-Ton Mechanical Draw Press (Equipment) for $60,000