Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. metlock, inc. owns equipment that cost $62,200 whe

Metlock, Inc. owns equipment that cost $62,200 when purchased on January 1, 2016. It has...

60.1K

Verified Solution

Question

Accounting

image

Metlock, Inc. owns equipment that cost $62,200 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $4,000 and an estimated useful life of 5 years. Prepare Metlock, Inc.'s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $29,920 on January 1,2019. (b) Sold for $29,920 on May 1,2019 (c) Sold for $10,700 on January 1, 2019. (d) Sold for $10,700 on October 1,2019. No. Account Titles and Explanation Debit To record depreciation) To record sale of equipment) (To record depreciation) To record sale of equipment)

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