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Disposal of an Operating Asset Jolie Company owns equipment with a cost of $192,500...

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Accounting

Disposal of an Operating Asset
Jolie Company owns equipment with a cost of $192,500 and accumulated depreciation of $98,175.
Required:
Prepare the journal entry to record the disposal of the equipment on April 9 assuming:
Jolie sold the equipment for $100,900 cash. If an amount box does not require an entry, leave it blank.
Apr. 9!
Gain on Disposal of Property, Plant, and Equipment
Jolie sold the equipment for $87,700 cash. If an amount box does not require an entry, leave it blank.
Apr. 9
Loss on Disposal of Property, Plant, and Equipment
100,900
Accounts Payable
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