Acc291 Principles of Accounting: E9-10 Beka Company owns equipment that cost

Acc291 Principles of Accounting

E9-10
Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008.
It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.
Instructions
Prepare Beka Company’s journal entries to record the sale of the equipment in these four independent situations.
(a) Sold for $28,000 on January 1, 2011.
(b) Sold for $28,000 on May 1, 2011.
(c) Sold for $11,000 on January 1, 2011.
(d) Sold for $11,000 on October 1, 2011.
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