The following are some transactions of Sandhill Company for 2021. Sandhill Company uses straight-line depreciation and has a December 31 year end.
| Apr. 1 | Retired a piece of equipment that was purchased on January 1, 2012, for $46,000. The equipment had an expected useful life of 10 years with no residual value. | |
| July 30 | Sold equipment for $1,300 cash. The equipment was purchased on January 3, 2019, for $13,680 and was depreciated over an expected useful life of three years with no residual value. | |
| Nov. 1 |
Traded in an old vehicle for a new vehicle, receiving a $10,000 trade-in allowance and paying $36,000 cash. The old vehicle had been purchased on November 1, 2015, at a cost of $30,300. The estimated useful life was eight years and the estimated residual value was $6,300. The fair value of the old vehicle was $8,400 on November 1, 2021. |
Record the disposals. (Credit account titles are automatically indented when the 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.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
Apr. 1 |
|
|
|
| (To record disposal of equipment.) | |||
|
July 30 |
|||
| (To record disposal of equipment.) | |||
|
Nov. 1 |
|||
| (To record disposal of equipment.) |
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