Sandhill Company owns equipment that cost $ when purchased on January It has been depreciated using the straightline method based on an estimated salvage value of $ and an estimated useful life of years.
Prepare Sandhill Company's journal entries to record the sale of the equipment in these four independent situations. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
a Sold for $ on January
b Sold for $ on May
c Sold for $ on January
d Sold for $ on October
No Account Titles and Explanation
Debit
Credit
a Cash
Accumulated DepreciationEquipment
Equipment
Gain on Disposal of Plant Assets
b
Depreciation Expense
To record depreciation
Accumulated DepreciationEquipmentM
