Accounting, straight line method using salvage value

SoccerBoss
Category:
Accounting
Price: $5 USD

Question description

Pryce company owns equipment that cost 65000 when purchased on 1/1/1012.  It has depreciated (straight line method) based on estimated salvage value of 5000 and estimated useful life of 5 years. prepare journal entries (account title, debit or credit for what amount)  for sale of 4 independent situations.  a) sold for 31000 on 1/1/2015, b) sold for 31000 on 5/1/2015 c) sold for 11000 on 1/1/2015 d) sold for 11000 on 10/1/2015

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: UCLA
PREMIUM TUTOR
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1826 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors