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Question(s) / Instruction(s):

Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.

Instructions

Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.

1) Sold for $28,000 on January 1, 2008.

2) Sold for $28,000 on May 1, 2008.

3) Sold for $11,000 on January 1, 2008.

4) Sold for $11,000 on October 1, 2008.

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