Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions.
a. The equipment had no market value and was discarded.
b. The equipment is sold for $54,000.
c. The equipment is sold for $24,000.
d. The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.
Journal

Question

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The Answer of Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions.
a. The equipment had no market value and was discarded.
b. The equipment is sold for $54,000.
c. The equipment is sold for $24,000.
d. The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.
Journal

Equipment Acquired at a Cost of $126,000 Has a Book