Sunland Company owns equipment that cost $114,000 when purchased on January 2, 2024. It has been depreciated using the straight-line method based on estimated residual value of $6,000 and an estimated useful life of five years. Following are the four independent situations. Assume depreciation has been recorded to the date of sale. (a) Prepare Sunland Company's journal entry to record the sale of the equipment for $51,600 on January 2, 2027. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date Account Titles Jan. 2 Debit Credit

Sunland Company owns equipment that cost $114,000 when purchased on January 2, 2024. It has been depreciated using the straight-line method based on estimated residual value of $6,000 and an estimated useful life of five years. Following are the four independent situations. Assume depreciation has been recorded to the date of sale. (a) Prepare Sunland Company's journal entry to record the sale of the equipment for $51,600 on January 2, 2027. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date Account Titles Jan. 2 Debit Credit

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Description: Sunland Company owns equipment that cost $114,000 when purchased on January 2, 2024. It has been depreciated using thestraight-line method based on estimated residual value of $6,000 and an estimated useful life of five years.Following are the four

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 11E: On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated...

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