Exercise 9-10 Your answer is partially correct. Try again. Pryce Company owns equipment that cost...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Exercise 9-10 Your answer is partially correct. Try again. Pryce Company owns equipment that cost $66,800 when purchased on January 1, 2014. 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 Pryce Company'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 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) Sold for $32,680 on January 1, 2017. (b) Sold for $32,680 on May 1, 2017 (c) Sold for $10,200 on January 1, 2017. (d) Sold for $10,200 on October 1, 2017. No. Account Titles and Explanation Debit Credit (a) Tcasth 32680 Accumulated Depreciation 66800 Equipment 3560 Gain on Disposal of Pla 32680 (b) TTCash 41867 Accumulated Depreciation
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!
