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Suppose Let It Fly Disc Golf Club sold the equipment for $22,318 on December 31, 2020.
Accumulated Depreciation as of December 31, 2020, was $21,318.
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 22,318 Less: Book value of asset disposed of Cost 30,800 Less: Accumulated Depreciation 21,318 9,482 Gain or (Loss) 12,836 Date Description Debit Credit December 31 Cash 22,318 December 31 Accum. Depr.-Equipment 21,318 December 31 Equipment 30,800 December 31 Gain on Sale 12,836