Question

 

Equipment costing $37,450 with a book value of $18,410 is sold for $20,000. The journal to record the sale will include a :

debit to cash for $18,410.

debit to accumulated depreciation for $18,410.

debit to gain on sale of equipment for $1,590.

debit to accumulated depreciation for $19,040.

 

Equipment costing $37,450 with a book value of $18,410 is sold for $20,000. The journal to record the sale will include a :

debit to cash for $18,410.

debit to accumulated depreciation for $18,410.

debit to gain on sale of equipment for $1,590.

debit to accumulated depreciation for $19,040.