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Suppose Let It Fly Disc Golf Club sold the equipment for $22,741 on December 31, 2020.
Accumulated Depreciation as of December 31, 2020, was $21,741.
Journalize the sale of the equipment, assuming straight-line depreciation was used.
Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)
Date Description Debit Credit December 31 December 31 December 31 December 31 Market value of assets received 22,741 Less: Book value of asset disposed of Cost 31,500 Less: Accumulated Depreciation 21,741 9,759 Gain or (Loss) 12,982 Date Description Debit Credit December 31 Cash 22,741 December 31 Accum. Depr.-Equipment 21,741 December 31 Equipment 31,500 December 31 Gain on Sale 12,982