Abbott Landscaping purchased a tractor at a cost of $30,000 and sold it three years later for $16,200. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account.

Assume the tractor was sold for $12,400 instead of $19,800. Record the sale.

                                                                    DebitCredit

Cash                                                         $16,200  

Accumulated depreciation-equipment$15,600  

Gain on sale of equipment                                  1,800

Equipment                                                        30,000

(To record sale of equipment)  

Explanation:

According to the given data we have the following:

Equipment=$30,000

Cash=$16,200

Therefore,The accumulated depreciation would be=($30,000-4,000)/5*3

The accumulated depreciation would be=$15,600

Therefore, the sale to record would be as follows:

                                                                      DebitCredit

Cash                                                         $16,200  

Accumulated depreciation-equipment$15,600  

Gain on sale of equipment                                  1,800

Equipment                                                        30,000

(To record sale of equipment)  

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