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Question

Equipment was purchased on 1/23/x1 at a cost of $6000; estimated useful life is 5 years with an estimated salvage

value of $600.

If the equipment is sold for $4,620 on 12/31/x3, the journal entry will include a:


A. credit to Equipment $2,850

B. Credit to Equipment $4, 620

C. Credit to Gain on the Sale of Equipment $1,770

D. Both credit to Cash $4,620 and credit to gain on the Sale of Equipment $1,770

E. Both credit to Company $2,850 and credit gain on the Sale of Equipment $1,770

Top Answer

C. Credit to Gain on... View the full answer

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