Metlock Inc. owns equipment that costs $62,200 when purchased on January 1st, 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 Incs journal entries to record the sale of equipment in these 4 independent situations.
a) Sold for $29,920 on January 1st, 2019
b) Sold for $29,920 on May 1st, 2019
c) Sold for $10,700 on January 1st, 2019
d) Sold for $10,700 on October 1st, 2019
