| Ng’s Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20-year life, and no anticipated salvage value. Ng uses the straight-line depreciation method. Review the following three independent cases, and prepare the journal entry to reflect the disposition of the boat in each case. | ||
| Case 1 | After 8 years of ownership, the boat was taken by a storm. | |
| Case 2 | After 12 years of ownership, the boat was sold for $175,000. | |
| Case 3 | After 15 years of ownership, the boat was sold for $60,000. | |
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