Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. equipment was purchased for $32,000 on january 1,2

Equipment was purchased for $32,000 on January 1,2025 . The equipment's estimated useful life was...

70.2K

Verified Solution

Question

Accounting

Equipment was purchased for $32,000 on January 1,2025 . The equipment's estimated useful life was five (5) years, and its residual value was $1,500. The straight - line method of depreciation was used. What is the journal entry to record the sale of the equipment for $12,800 cash on January 3,2027 ? A. Cash Accumulated Depreciation - Equipment Loss on Disposal Equipment B. Cash Accumulated Depreciation - Equipment Gain on Disposal Equipment C. Cash Accumulated Depreciation - Equipment Loss on Disposal Equipment D. Equipment Accumulated Depreciation - Equipment Loss on Disposal Cash 12,800 12,200 7,000 32,000 12,800 26,200 12,800 6,100 13,100 32,000 12,200 32,000 7,000 32,000

please hurry

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

A factory produces metal links for building long chains used in the shipping and construction industry....

Chemistry
1.2K views

Determine the activation energy in kJ/mol for a first order reaction if its specific rate constant...

Psychology
1.2K views

What did you find to be the most fascinating about conception and pregnancy? Is there something...

Physics
1.2K views

1 L2 driven by a common oscillator and amplifier are arranged as shown The frequency...

Geometry
1.2K views

Q4 a Find the ratio of areas and volumes of the two spheres O 2a...

Calculus
1.2K views

For an average person the rate of change of weight W in pounds with respect...

Algebra
1.2K views

Solve the equation 4 6x 5 5 The solution set is Type an integer or...

Accounting
1.2K views

Illustration 8 On 15th March, 2001 O.P. Ltd. purchased Rs 1,00,000, 9% Government...

Accounting
1.2K views

Riley Company began operations on August 1, 2026 and entered into the following transactions during...

Accounting
1.2K views

E3.14(LO4,5) (Closing Entries) Presented below is information related to Russell AG for the month of...

Accounting
1.2K views

Adam is buying his first house. He has spent a month looking at houses and...

Accounting
1.2K views

Comparative financial statements for Weaver Company follow: Required: Using the indirect method, determine the...