Current Attempt in Progress On January 1, 2019, Mogul Ski Resort Ltd. purchased snow making equipment for $126.000 by paying a $25.200 cash down payment and issuing a note payable for the balance. The equipment had an estimated useful life of 10 years and an estimated residual value of $25,200. Mogul uses the straight-line-method of depreciation and has a December 31 year end. On October 1, 2021, the equipment was sold for $86,880 cash. Prepare the journal entry to record the acquisition of the equipment. (Credit account titles are automatically inderted when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Jan. 1, 2019. ________________ ______ _____