Accounting, straight line method using salvage value

timer Asked: May 20th, 2015

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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

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