This question was created from Quiz 3.docx

On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years
and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using
the double-declining balance method. On December 31, 2019, before making any annual adjusting
entries, the equipment was sold for $20,000. Use this information to prepare all General Journal
entries (without explanation} required to record the sale event for December 31, 2019.