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Sale of Plant Asset Noble Company has a equipment that originally cost $153,000. Depreciation...

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Accounting

Sale of Plant Asset
Noble Company has a equipment that originally cost $153,000. Depreciation has been recorded for six years using the straight-line method, with a $37,000 estimated salvage value at the end of an expected eightyear life. After recording depreciation at the end of six years, Noble sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar):
\table[[a.,$70,000,cash],[b.,$66,000,cash],[c.,$58,000,cash]]
\table[[General Journal],[Date,Description,,Debit,Credit],[a.,Cash,,0,0],[,,0,0],[Equipment,,0,0],[,**,0,0],[To record sale of equipment.,,,],[b.,Cash,,0,0],[,**,0,0],[,,0,0],[To record sale of equipment.,,,g2
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