Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2012. 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.
Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125.)
(a) |
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Sold for $31,000 on January 1, 2015. |
(b) |
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Sold for $31,000 on May 1, 2015. |
(c) |
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Sold for $11,000 on January 1, 2015. |
(d) |
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Sold for $11,000 on October 1, 2015. |
No.
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Account Titles and Explanation
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Debit
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Credit
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(a) |
![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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(b) |
![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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(To record depreciation)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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(To record sale of equipment)
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(c) |
![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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(d) |
![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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(To record depreciation)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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![pixel.gif](https://edugen.wileyplus.com/edugen/art2/common/pixel.gif)
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(To record sale of equipment)
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