Question: Howard Company purchased equipment in 1994 for $60,000 and estimated a $6,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2000, there was $37,800 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2001, the equipment was sold for $16,000
Prepare the appropriate journal entries to remove the equipment from the books of Howard Company on March 31, 2001.
Date Explanation Post. Ref. Debit Credit