Posted: October 29th, 2022
Pryce Company owns equipment that cost $70,800 when purchased on January 1, 2011
Pryce Company owns equipment that cost $70,800 when purchased on January 1, 2011. 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 Companyâs 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.)(a)Sold for $39,880 on January 1, 2014.(b)Sold for $39,880 on May 1, 2014.(c)Sold for $10,660 on January 1, 2014.(d)Sold for $10,660 on October 1, 2014.
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