Problem - Pryce Company owns equipment that cost $61,500 when purchased on January 1, 2012. 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 Pryce Company's journal entries to record the sale of the equipment in these four independent situations.
(a) Sold for $34,300 on January 1, 2015.
(b) Sold for $34,300 on May 1, 2015.
(c) Sold for $10,020 on January 1, 2015.
(d) Sold for $10,020 on October 1, 2015.