How is the disposition of a long-term asset like land or equipment or a building recorded in the General Journal?

How is the disposition of a long-term asset like land or equipment or a building recorded in the General Journal?
What is the function of these entries (meaning, what do the accounts that are affected by the entries communicate to readers of the financial statements)?
Prepare journal entries to record the following:1. Gomez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
2. Assume the same information as (a), except that accumulated depreciation is $39,000, instead of $41,000, on the delivery equipment.

Solution:

30% OFF

Turnitin Report

Formatting

Title Page

Citation