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Blue Skis purchased equipment on january 1 2019 for $50,000, WITH AN ESTIMATED USEFUL LIFE...

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Accounting

Blue Skis purchased equipment on january 1 2019 for $50,000, WITH AN ESTIMATED USEFUL LIFE OF 5 YEARS AND an estimated residual value of $5,000. The company uses the straight line method of depreciation. on july 1, 2021, the Equipment was sold for $17,500 cash.

Prepare journal entries for the following:

Depreciation expense for 2019

Depreciation expense for 2020

Depreciation expense for 2021

SALE OF THE EQUIPMENT in 2021

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