Bennett Corporation sold a piece of equipment on June 30,2012 for $50,000 cash.The equipment had been purchased on January 1,2008 for $150,000.It had an estimated useful life of 6 years and a $30,000 residual value.Bennett Corp.has been using the straight-line method of depreciation and has a year-end of December 31st.Prepare any necessary journal entries on June 30,2012 assuming that 2012 depreciation expense has not been recorded.

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The Answer of Bennett Corporation sold a piece of equipment on June 30,2012 for $50,000 cash.The equipment had been purchased on January 1,2008 for $150,000.It had an estimated useful life of 6 years and a $30,000 residual value.Bennett Corp.has been using the straight-line method of depreciation and has a year-end of December 31st.Prepare any necessary journal entries on June 30,2012 assuming that 2012 depreciation expense has not been recorded.

Bennett Corporation Sold a Piece of Equipment on June 30,2012