Bennett Corporation Sold a Piece of Equipment on June 30,2012

question 64

Short Answer

Bennett Corporation sold a piece of equipment on June 30,2012 for $50,000 cash.The equipment had been purchased on January 1,2008 for $150,000.It had an estimated useful life of 6 years and a $30,000 residual value.Bennett Corp.has been using the straight-line method of depreciation and has a year-end of December 31st.Prepare any necessary journal entries on June 30,2012 assuming that 2012 depreciation expense has not been recorded.

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Definitions:

Transformations

Comprehensive changes that significantly alter the nature, function, or condition of an organization, system, or individual.

Primary Reasons

The fundamental or chief causes that lead to a particular outcome, event, or situation.

Outsource

The practice of hiring third parties to perform services or produce goods that were traditionally performed in-house or within the country.

Small Businesses

Enterprises typically characterized by small teams, limited revenue, and localized operations, playing a crucial role in economies worldwide.