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(Solved): p Crane Company owns equipment that cost \( \$ 66,000 \) when purchased on January 1,2019 . It has b ...




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Crane Company owns equipment that cost \( \$ 66,000 \) when purchased on January 1,2019 . It has been depreciated using the s
No. Account Titles and Explanation
Debit
Credit
(a)
(b)
(To record depreciation)
(To recond sale of equipment)
(c)
(d)
(To record depreciation)
(To record sale of equipment)
Crane Company owns equipment that cost \( \$ 66,000 \) when purchased on January 1,2019 . It has been depreciated using the straightline method based on estimated salvage value of \( \$ 3,960 \) and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts.) (a) Sold for \( \$ 32,224 \) on January 1,2022. (b) Sold for \( \$ 32,224 \) on May 1,2022. (c) Sold for \( \$ 10,200 \) on January \( 1,2022 \). (d) Sold for \( \$ 10,200 \) on October 1, 2022. No. Account Titles and Explanation Debit Credit (a) (b) (To record depreciation) (To recond sale of equipment) (c) (d) (To record depreciation) (To record sale of equipment)


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Cost of equipment = 66000 Salvage value = 3960 Useful life = 5 years SLM Depreciation expense (Cost- salvage value) /useful life =( 66000-3960) /5 = $
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