How do i find out to find out what the deprecation and loss or gain of plant assets are?

SoccerBoss
Category:
Accounting
Price: $5 USD

Question description


Pryce Company owns equipment that cost $60,450 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $5,500 and an estimated useful life of 5 years.

Prepare Pryce Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125.)

(a)Sold for $33,970 on January 1, 2014.
(b)Sold for $33,970 on May 1, 2014.
(c)Sold for $10,130 on January 1, 2014.
(d)Sold for $10,130 on October 1, 2014.

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(Top Tutor) Daniel C.
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School: Duke University
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