Question
1. On July 1, 2016, Mitchell sold for $3,500 cash equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2016, was
1. On July 1, 2016, Mitchell sold for $3,500 cash equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2016, was $1,800. This equipment had been depreciated using the straight-line method assuming a residual value of $500 and a useful life of 5 years.
Make a journal entry.
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Auditing
Authors: Allan Millichamp, John Taylor
9th Edition
1844809404, 978-1844809400
