Business, 05.08.2021 23:50 Tinker2019

Bennett Corporation sold a piece of equipment on June 30, 2021 for $350,000 cash. The equipment has been purchased on January 1, 2018 for $600,000. It had an estimated useful life of 10 years and a $50,000 salvage value. Bennett Corp. has been using the straight-line method of depreciation and has a year-end of December 31st. Prepare all necessary journal entries on June 30, 2021 assuming adjusting entries for depreciation expense have been properly recorded through December 31, 2020.

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Bennett Corporation sold a piece of equipment on June 30, 2021 for $350,000 cash. The equipment has...

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