Bennett Corporation sold a piece of equipment on June 30, 2019 for $100,000 cash. The...
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Bennett Corporation sold a piece of equipment on June 30, 2019 for $100,000 cash. The equipment had been purchased on January 1, 2015 for $150,000. It had an estimated useful life of 6 years and a $30,000 salvage value. Bennett Corp. has been using the straight-line method of depreciation and has a year-end of December 31st. Prepare all necessary journal entries on June 30, 2019 assuming adjusting entries for depreciation expense have been properly recorded through December 31, 2018.
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