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Suppose Let It Fly Disc Golf Club sold the equipment for $21,756 on December 31, 2020.
Accumulated Depreciation as of December 31, 2020, was $20,756.
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 21,756 Less: Book value of asset disposed of Cost 30,700 Less: Accumulated Depreciation 20,756 9,944 Gain or (Loss) 11,812 Date Description Debit Credit December 31 Cash 21,756 December 31 Accum. Depr.-Equipment 20,756 December 31 Equipment 30,700 December 31 Gain on Sale 11,812