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Suppose Let It Fly Disc Golf Club sold the equipment for $21,908 on December 31, 2020.
Accumulated Depreciation as of December 31, 2020, was $20,908.
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 21,908 Less: Book value of asset disposed of Cost 32,300 Less: Accumulated Depreciation 20,908 11,392 Gain or (Loss) 10,516 Date Description Debit Credit December 31 Cash 21,908 December 31 Accum. Depr.-Equipment 20,908 December 31 Equipment 32,300 December 31 Gain on Sale 10,516