Equipment costing 126000 is sold for 54000 cash The credit b

Equipment costing $126,000 is sold for $54,000 cash. The credit balance in the Accumulated Depreciation- Equipment account is $84,000. Journalize the entry to record the sale of the equipment (5 points) 8. DR CR

Solution

Description

Debit

Credit

Cash

$54,000

Accumulated Depreciation Equipment

$84,000

           Equipment

$126,000

          Gain on Disposal of Fixed Asset

$12,000

Description	Debit	Credit
Cash	$54,000
Accumulated Depreciation Equipment	$84,000
Equipment		$126,000
Gain on Disposal of Fixed Asset		$12,000