Equipment Acquired at a Cost of $126,000 Has a Book

Essay

Equipment acquired at a cost of $126,000 has a book value of $42,000. Journalize the disposal of the equipment under the following independent assumptions.(a)The equipment had no market value and was discarded.(b)The equipment is sold for $54,000.(c)The equipment is sold for $24,000.(d)The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The buyer gave no cash in the exchange. The transaction lacks commercial substance.​