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On April 1, 2020, Lockhart Company discarded equipment that cost $80,000, had a useful life...

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Accounting

On April 1, 2020, Lockhart Company discarded equipment that cost $80,000, had a useful life of 5 years, a residual value of $14,000, and, under straight-line depreciation, accumulated depreciation as of December 31, 2019 of $26,400. (a) Prepare the journal entry to record depreciation up to the date of disposal of the equipment. (b) Prepare the journal entry to record the disposal of the equipment.

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On April 1, 2020, Lockhart Company discarded equipment that cost $80,000, had a useful life of 5 years a residual value of $14,000, and, under straight-line depreciation accumulated depreciation as of December 31, 2019 of $26,400 (a) Prepare the journal entry to record depreciation up to the date of disposal of the equipment (b) Prepare the journal entry to record the disposal of the equipment ANSWER TO QUESTION 6 : Calculations : Journal entries 1 DATE ACCOUNTS & EXPLANATIONS DEBIT CREDIT

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