Selby Company sold equipment that had a book value of $13,500 for $15,000. The e

Question

Selby Company sold equipment that had a book value of $13,500 for $15,000. The equipment originally cost $45,000 and it is estimated that it would cost $57,000 to replace the equipment. Prepare the appropriate journal entry to record the disposition of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Explanation / Answer

Account Titles and Explanation Debit Credit Cash 15000 Accumulated depreciation 31500 Loss on Disposal of Plant Assets 10500 Equipment 57000

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