Francis Company owns equipment that cost $50,000 when purchased on January 1, 2011. It has been…
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Francis Company owns equipment that cost $50,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $8,000 and an estimated useful life of 5 years.InstructionsPrepare Francis Company’s journal entries to record the sale of the equipment in these four independent situations.(a) Sold for $28,000 on January 1, 2014.(b) Sold for $28,000 on May 1, 2014.(c) Sold for $11,000 on January 1, 2014.(d) Sold for $11,000 on October 1, 2014.View Solution:
Francis Company owns equipment that cost 50 000 when purchased
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