On October 1,2011,Racie's Auto Repair purchased diagnostic equipment for $13,600.The equipment had an estimated residual value of $4,000 and an eight-year life and was sold on April 1,2013.Assuming that the company depreciates the asset on a straight-line basis and reports on a calendar-year basis,journalize the following independent transactions in the journal provided.(Omit explanations.)
a.The entry to update depreciation to April 1,2013
b.The entry to record the sale for $12,000
c.The entry to record the sale instead for $8,600
d.The entry to record the sale instead for $11,800

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The Answer of On October 1,2011,Racie's Auto Repair purchased diagnostic equipment for $13,600.The equipment had an estimated residual value of $4,000 and an eight-year life and was sold on April 1,2013.Assuming that the company depreciates the asset on a straight-line basis and reports on a calendar-year basis,journalize the following independent transactions in the journal provided.(Omit explanations.)
a.The entry to update depreciation to April 1,2013
b.The entry to record the sale for $12,000
c.The entry to record the sale instead for $8,600
d.The entry to record the sale instead for $11,800

On October 1,2011,Racie's Auto Repair Purchased Diagnostic Equipment for $13,600