On January 1, 2019, Sunshine Company sells office furniture. The office furniture originally cost $80,000. As of January 1, 2019, it had accumulated depreciation of $60,000. Instructions: a) Journalize the transaction assuming that the office furniture was sold for $15000 cash. b) Journalize the transaction assuming that the office furniture was sold for $25000 cash. c) Journalize the transaction assuming that the office furniture was retired.

On January 1, 2019, Sunshine Company sells office furniture. The office furniture originally cost $80,000. As of January 1, 2019, it had accumulated depreciation of $60,000. Instructions: a) Journalize the transaction assuming that the office furniture was sold for $15000 cash. b) Journalize the transaction assuming that the office furniture was sold for $25000 cash. c) Journalize the transaction assuming that the office furniture was retired.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...

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