Record a sale in journal entry - the depreciation method


Question - Record a sale in journal entry - The depreciation method used wasstraight-line On January 1, 2011, Pizza Notra purchased a van for $45,000. Red Rock expects the van to have a useful life of 5 years and a residual value of $5,500.

The depreciation method used was straight-line. On December 31,2014, the van was sold for $15,000 cash.

1. What was the carrying amount of the van at the date of sale?

2. Record the sale of the van on December 31, 2014, in journal entry.

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Accounting Basics: Record a sale in journal entry - the depreciation method
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