Sheridan Company owns equipment that cost $59,800 when purchased on January 1, 2022. It has...
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Sheridan Company owns equipment that cost $59,800 when purchased on January 1, 2022. It has been depreciated using the straightline method based on an estimated salvage value of $4,600 and an estimated useful life of 5 years. Prepare Sheridan 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 occount titles and enter 0 for the amounts.). (a) Sold for $28,520 on January 1, 2025. (b) Sold for $28,520 on May 1, 2025. (c) Sold for $10,120 on January 1, 2025. (d) Sold for $10,120 on October 1, 2025 . Question 3 of 3 No. Account Titles and Explanation Debit Credit (a) (b) (Torecord depreciation) (To record sale of equipment) (c) (d) (To record sale of equipment) (c) (d) (To record depreciation) (To record sale of equipment)
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