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Solution

No. Account titles and explanation Debit Credit (a) Accumulated Depreciation $ 50,500 Loss on discard $ 28,600 Equipment $ 79,100 (To record equipment scrapped) Working: Costs $                   79,100 Accumulated Depreciation $                   50,500 Ending Book Value $                   28,600 No. Account titles and explanation Debit Credit (b) Cash $ 23,000 Accumulated Depreciation $ 50,500 Loss on discard $ 5,600 Equipment $ 79,100 (To record equipment sold) Working: Book Value $                    28,600 Sales proceeds $                    23,000 Loss on Sale $                       5,600 No. Account titles and explanation Debit Credit (c) Cash $ 30,100 Accumulated Depreciation $ 50,500 Equipment $ 79,100 Profit on sale $ 1,500 (To record equipment sold) Working: Sales proceeds $                    30,100 Book Value $                    28,600 Profit on sale $                       1,500