Blue Skis purchased equipment on january 1 2019 for $50,000, WITH AN ESTIMATED USEFUL LIFE...
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Accounting
Blue Skis purchased equipment on january 1 2019 for $50,000, WITH AN ESTIMATED USEFUL LIFE OF 5 YEARS AND an estimated residual value of $5,000. The company uses the straight line method of depreciation. on july 1, 2021, the Equipment was sold for $17,500 cash.
Prepare journal entries for the following:
Depreciation expense for 2019
Depreciation expense for 2020
Depreciation expense for 2021
SALE OF THE EQUIPMENT in 2021
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