Sale of Plant Asset
Noble Company has a equipment that originally cost $ Depreciation has been recorded for six years using the straightline method, with a $ estimated salvage value at the end of an expected eightyear life. After recording depreciation at the end of six years, Noble sells the equipment. Prepare the journal entry to record the equipment's sale for Round to the nearest dollar:
tablea$cashb$cashc$cash
tableGeneral JournalDateDescription,,Debit,CreditaCash,,EquipmentTo record sale of equipment.,,,bCash,,To record sale of equipment.,,,
