Funseth Farms Incorporated purchased a tractor in 2021 at a cost of $54,000. The tractor...

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Accounting

Funseth Farms Incorporated purchased a tractor in 2021 at a cost of $54,000. The tractor was sold for $5,000 in 2024. Depreciation recorded through the disposal date totaled $46,000.
(1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $16,000; prepare the journal entry to record the sale.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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