Pharoah Company owns equipment that cost $71.000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $11,000 and an estimated useful life of 5 years. Prepare Pharoah 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $37,000 on January 1, 2022. (b) Sold for $37,000 on May 1, 2022 (c) Sold for $15,000 on January 1, 2022 (d) Sold for $15,000 on October 1, 2022
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- Ivanhoe Company owns equipment that cost $64,560 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated salvage value of $4,920 and an estimated useful life of 5 years. Prepare Ivanhoe 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 tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) No. Account Titles and Explanation (a) Sold for $30,784 on January 1, 2022. Sold for $30,784 on May 1, 2022. Sold for $10,100 on January 1, 2022. Sold for $10,100 on October 1, 2022. (b) Cash Accumulated Depreciation Equipment Gain on Disposal of Plant Assets Equipment Accumulated Depreciation Equipment Gain on Disposal of Plant Assets (To record depreciation) Cash Accumulated Depreciation Equipment…Sheridan Company owns equipment that cost $68,520 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated salvage value of $6,000 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 account titles and enter O for the amounts.) (a) Sold for $32,512 on January 1, 2022. (b) Sold for $32,512 on May 1, 2022. (c) Sold for $10,100 on January 1, 2022. (d) Sold for $10,100 on October 1, 2022. No. Account Titles and Explanation Debit Credit (a) (b) (To record depreciation) (To record sale of equipment) (c) (d) (To record depreciation) (To record sale of equipment)Carla Vista Company owns equipment that cost $62,400 when purchased on January 1, 2022. It has been depreciated using the straight-line method based on an estimated salvage value of $4,800 and an estimated useful life of 5 years. Prepare Carla Vista 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 account titles and enter 0 for the amounts.) (a) (b) (c) (d) Sold for $29,760 on January 1, 2025. Sold for $29,760 on May 1, 2025. Sold for $10,560 on January 1, 2025. Sold for $10,560 on October 1, 2025.
- Larkspur, Inc. owns equipment that cost $62,100 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $3,900 and an estimated useful life of 5 years.Prepare Larkspur, Inc.’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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $29,920 on January 1, 2020. (b) Sold for $29,920 on May 1, 2020. (c) Sold for $10,700 on January 1, 2020. (d) Sold for $10,700 on October 1, 2020.Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…Concord Corporation owns equipment that cost $64,200 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $3,300 and an estimated useful life of 5 years. Prepare Concord Corporation’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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) a) Sold for $31,540 on January 1, 2020. (b) Sold for $31,540 on May 1, 2020. (c) Sold for $10,300 on January 1, 2020. (d) Sold for $10,300 on October 1, 2020.
- Marigold Company owns equipment that cost $79,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $7,900 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Marigold Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) (d) (e) (A) SR. Account Titles and Explanation (a) (b) Sold for $45,000 on January 1, 2022. Sold for $45,000 on April 1, 2022. Sold for $17,000 on January 1, 2022. Sold for $17,000 on September 1, 2022 Repeat (a), assuming Marigold uses double-declining balance…Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recorded through the disposal date totaled $30,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $11,200; prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of the tractor for $3,400. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >Wildhorse Company owns equipment that cost $121,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $12,100 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Wildhorse Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $73,000 on January 1, 2022. (b) Sold for $73,000 on April 1, 2022. (c) Sold for $25,500 on January 1, 2022. (d) Sold for $25,500 on September 1, 2022. (e) Repeat (a), assuming Wildhorse uses double-declining balance depreciation. (f) Repeat (c), assuming Wildhorse…
- Cheyenne Corp. owns equipment that cost $63,100 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $4,900 and an estimated useful life of 5 years.Prepare Cheyenne Corp.’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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $29,920 on January 1, 2020. (b) Sold for $29,920 on May 1, 2020. (c) Sold for $10,100 on January 1, 2020. (d) Sold for $10,100 on October 1, 2020. No. Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an…Pina Colada Corp. owns equipment that cost $62,700 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $4,500 and an estimated useful life of 5 years. Prepare Pina Colada Corp.’s journal entries to record the sale of the equipment in these four independent situations. (a) Sold for $29,920 on January 1, 2022. (b) Sold for $29,920 on May 1, 2022. (c) Sold for $10,300 on January 1, 2022. (d) Sold for $10,300 on October 1, 2022.Muaj & Company owns a machine that cost Tk. 200,000 when purchased on July 1, 2018. It has been depreciated using the double declining balance method assuming no salvage value and an estimated useful life of 4 years. The company uses calendar year (January-December) to prepare the financial statements. Instructions: Prepare Muaj & Company’s journal entries to record the sale of the equipment in the following four independent situations: 1) Sold for Tk. 10,000 on January 1, 2021 2) Sold for Tk. 1,000 on July1 1, 2021