Micron precision purchased equipment on january 1, 2018, for $ 40,606. suppose micron precision sold the equipment for $ 30,000 on december 31, 2019. accumulated depreciation as of december 31, 2019, was $ 12,494. journalize the sale of the equipment, assuming straight-line depreciation was used.

Explanation:

The journal entry is shown below:

Cash A/c Dr $30,000

Accumulated Depreciation - Equipment A/c $12,494

        To Equipment A/c $40,606

        To Gain on Disposal of Equipment $1,888

(Being sale of machinery is recorded and the remaining balance is credited to the Gain on Disposal of Machinery A/c)

The computation is shown below:

= $30,000 + $12,494 - $40,606

= $1,888

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