Equipment was purchased for $24,000 on January 1,2016.The equipment's estimated useful life was five years,and its residual value was $4,000.The straight-line method of depreciation was used.Prepare the journal entry to record the sale of the equipment for $25,000 on January 3,2017.The company has a calendar year accounting period.

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The Answer of Equipment was purchased for $24,000 on January 1,2016.The equipment's estimated useful life was five years,and its residual value was $4,000.The straight-line method of depreciation was used.Prepare the journal entry to record the sale of the equipment for $25,000 on January 3,2017.The company has a calendar year accounting period.

Equipment Was Purchased for $24,000 on January 1,2016