Disposal of an Operating Asset Jolie Company owns equipment with a cost of $342,500 and accumulated depreciation of $222,625. Required:
Prepare the journal entry to record the disposal of the equipment on April 9 assuming:
1. Jolie sold the equipment for $128,300 cash. If an amount box does not require an entry, leave it blank.
Apr. 9
Accumulated Depreciation Accumulated Depreciation 222,625 Accumulated Depreciation 0 Cash Cash 128,300 Cash 0 Gain on Disposal of Property, Plant, and Equipment Gain on Disposal of Property, Plant, and Equipment 0 Gain on Disposal of Property, Plant, and Equipment 8,425 Equipment Equipment 0 Equipment 342,500
2. Jolie sold the equipment for $75,700 cash. If an amount box does not require an entry, leave it blank.
Apr. 9

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