E9.13(LO 3)Francis Manufacturing owns equipment that cost 50,000 when purchased on January 1, 2017. It...
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Accounting
E9.13(LO 3)Francis Manufacturing owns equipment that cost 50,000 when purchased on January 1, 2017. It has been depreciated using the straightline method based on an estimated residual value of 8,000 and an estimated useful life of 5 years.
Journalize entries for disposal of equipment.
Instructions
Prepare Francis's journal entries to record the sale of the equipment in these four independent situations.
a.Sold for 28,000 on January 1, 2020.
b.Sold for 28,000 on May 1, 2020.
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