Pharoah Company owns equipment that cost $94,000 when purchased on January 2, 2021. It has been...

Pharoah Company owns equipment that cost $94,000 when purchased on January 2, 2021. It has been depreciated using the straight-line method based on estimated residual value of $4,000 and an estimated useful life of five years.

Following are the four independent situations:

Prepare Pharoah Company’s journal entry to record the sale of the equipment for $43,600 on January 2, 2024.

Prepare Pharoah Company’s journal entry to record the sale of the equipment for $43,600 on May 1, 2024.

Prepare Pharoah Company’s journal entry to record the sale of the equipment for $23,000 on January 2, 2024.

Prepare Pharoah Company’s journal entry to record the sale of the equipment for $23,000 on October 1, 2024.

Expert Solution

ekkarill92 answered 1 year ago

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