Try another version of this question
FoodShopper Company later sold the equipment for $3,000 on December 31, 2020.
Accumulated Depreciation was $21,000 on December 31, 2020.
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 3,000 Less: Book value of asset disposed of Cost 33,000 Less: Accumulated Depreciation 21,000 12,000 Gain or (Loss) -9,000 Date Description Debit Credit December 31 Cash 3,000 December 31 Accum. Depr.-Equipment 21,000 December 31 Loss on Sale 9,000 December 31 Equipment 33,000