Oriole Company owns equipment that cost $70,500 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated salvage value of $4,200 and an estimated useful life of 5 years. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) Sold for $34,780 on January 1, 2022. Sold for $34,780 on May 1, 2022. Sold for $10,300 on January 1, 2022. Sold for $10,300 on October 1, 2022.
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- Sheridan Company owns equipment that cost $68,520 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated salvage value of $6,000 and an estimated useful life of 5 years. Prepare Sheridan Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $32,512 on January 1, 2022. (b) Sold for $32,512 on May 1, 2022. (c) Sold for $10,100 on January 1, 2022. (d) Sold for $10,100 on October 1, 2022. No. Account Titles and Explanation Debit Credit (a) (b) (To record depreciation) (To record sale of equipment) (c) (d) (To record depreciation) (To record sale of equipment)Ivanhoe Company owns equipment that cost $64,560 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on estimated salvage value of $4,920 and an estimated useful life of 5 years. Prepare Ivanhoe Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) No. Account Titles and Explanation (a) Sold for $30,784 on January 1, 2022. Sold for $30,784 on May 1, 2022. Sold for $10,100 on January 1, 2022. Sold for $10,100 on October 1, 2022. (b) Cash Accumulated Depreciation Equipment Gain on Disposal of Plant Assets Equipment Accumulated Depreciation Equipment Gain on Disposal of Plant Assets (To record depreciation) Cash Accumulated Depreciation Equipment…Pharoah Company owns equipment that cost $71.000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $11,000 and an estimated useful life of 5 years. Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $37,000 on January 1, 2022. (b) Sold for $37,000 on May 1, 2022. (c) Sold for $15,000 on January 1, 2022. (d) Sold for $15,000 on October 1, 2022
- Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…Carla Vista Company owns equipment that cost $62,400 when purchased on January 1, 2022. It has been depreciated using the straight-line method based on an estimated salvage value of $4,800 and an estimated useful life of 5 years. Prepare Carla Vista Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) (b) (c) (d) Sold for $29,760 on January 1, 2025. Sold for $29,760 on May 1, 2025. Sold for $10,560 on January 1, 2025. Sold for $10,560 on October 1, 2025.Larkspur, Inc. owns equipment that cost $62,100 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $3,900 and an estimated useful life of 5 years.Prepare Larkspur, Inc.’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $29,920 on January 1, 2020. (b) Sold for $29,920 on May 1, 2020. (c) Sold for $10,700 on January 1, 2020. (d) Sold for $10,700 on October 1, 2020.
- On July 1, 2019, Blossom Company purchased new equipment for $70,000. Its estimated useful life was 5 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Prepare the journal entry to record depreciation on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and…Current Attempt in Progress Your answer is partially correct. Pharoah Company owns equipment that cost $72,800 when purchased on January 1, 2022. It has been depreciated using the straight- line method based on an estimated salvage value of $5,600 and an estimated useful life of 5 years. Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $34,720 on January 1, 2025. (b) Sold for $34,720 on May 1, 2025. (c) Sold for $12,320 on January 1, 2025. (d) Sold for $12,320 on October 1, 2025. No. Account Titles and Explanation (a) Cash Debit 34720 CreditMarigold Company owns equipment that cost $79,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $7,900 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Marigold Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) (d) (e) (A) SR. Account Titles and Explanation (a) (b) Sold for $45,000 on January 1, 2022. Sold for $45,000 on April 1, 2022. Sold for $17,000 on January 1, 2022. Sold for $17,000 on September 1, 2022 Repeat (a), assuming Marigold uses double-declining balance…
- Cheyenne Corp. owns equipment that cost $63,100 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $4,900 and an estimated useful life of 5 years.Prepare Cheyenne Corp.’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $29,920 on January 1, 2020. (b) Sold for $29,920 on May 1, 2020. (c) Sold for $10,100 on January 1, 2020. (d) Sold for $10,100 on October 1, 2020. No. Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an…Wildhorse Company owns equipment that cost $121,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $12,100 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Wildhorse Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $73,000 on January 1, 2022. (b) Sold for $73,000 on April 1, 2022. (c) Sold for $25,500 on January 1, 2022. (d) Sold for $25,500 on September 1, 2022. (e) Repeat (a), assuming Wildhorse uses double-declining balance depreciation. (f) Repeat (c), assuming Wildhorse…Concord Corporation owns equipment that cost $64,200 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated salvage value of $3,300 and an estimated useful life of 5 years. Prepare Concord Corporation’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) a) Sold for $31,540 on January 1, 2020. (b) Sold for $31,540 on May 1, 2020. (c) Sold for $10,300 on January 1, 2020. (d) Sold for $10,300 on October 1, 2020.