Question #2
Here are selected 2019 transactions of Better Plumbing Corporation.
Jan. 1 Retired a piece of equipment that was purchased on January 1, 2012.
The equipment cost $75,000 and had a useful life of 8 years with a
salvage value of $3,000.
June 30 Sold equipment for $20,000 cash that was purchased on January 1, 2015.
The equipment cost $78,000 and had a useful life of 5 years with no
salvage value.
Dec. 31 Sold equipment for $12,500 cash. The equipment cost $43,000 when it
was purchased on January 1, 2015, and was depreciated based on a 5-
year useful life with a $3,000 salvage value.
Required
Journalize the entry necessary for each of the above dates. Note: all depreciation
adjusting entries have been made through each of the dates noted above.
