Five years ago,Sanford and Sons purchased equipment for $108,000 which had an estimated useful life of 10 years with an expected residual value of $15,000.At the end of five years,the equipment's accumulated depreciation is $46,500.Prepare the journal entry to record the sale of the equipment at the end of the fifth year for $45,000 cash.

Question

Quizplus · Accepted Answer

The Answer of Five years ago,Sanford and Sons purchased equipment for $108,000 which had an estimated useful life of 10 years with an expected residual value of $15,000.At the end of five years,the equipment's accumulated depreciation is $46,500.Prepare the journal entry to record the sale of the equipment at the end of the fifth year for $45,000 cash.

Five Years Ago,Sanford and Sons Purchased Equipment for $108,000 Which