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Naily [24]
3 years ago
14

A company sold equipment for $100,000; the equipment had cost $300,000 and had accumulated depreciation of $180,000. The company

’s journal entry to record the sale of the equipment would include a
Business
1 answer:
antiseptic1488 [7]3 years ago
7 0

Answer:

Debit to loss on sale of equipment of $20,000

Explanation:

Data provided in the question:

Selling cost of the equipment = $100,000

Cost of the equipment = $300,000

Accumulated depreciation of the equipment = $180,000

Now,

The book value of the equipment

= Cost of the equipment - Accumulated depreciation

= $300,000 - $180,000

= $120,000

Therefore,

Proceeds for selling

= Selling cost of the equipment - Book value of the equipment

= $100,000 - $120,000

= - $20,000

Here, the negative sign depicts a loss

Hence,

The company’s journal entry to record the sale of the equipment would include a Debit to loss on sale of equipment of $20,000

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