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2.17/5 E Question 6 of 7 View Policies Show Attempt History Current Attempt in Progress...

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Accounting

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2.17/5 E Question 6 of 7 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Ivanhoe Company owns equipment that cost $63,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $3,000 and an estimated useful life of 5 years. Prepare Ivanhoe Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) (a) Sold for $29,000 on January 1, 2022 (b) Sold for $29,000 on May 1, 2022 (c) Sold for 59,000 on January 1, 2022 (d) Sold for $9,000 on October 1, 2022. Debit Credit No. Account Titles and Explanation (a) Cash Accumulated Depreciation Equipment Gain on Disposal of Plant Assets 29000

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