Question
A microcomputer was purchased on January 1, 2017 at a cost of $11,000. It is expected to have a useful life of 5 years and
A microcomputer was purchased on January 1, 2017 at a cost of $11,000. It is expected to have a useful life of 5 years and a residual value of $1000. The microcomputer is depreciated using the straight line method. Assume the microcomputer is disposed of, after year end depreciation has been recorded on January 1, 2020.
REQUIRED: Give the general journal entry to record the sale of the microcomputer under the following unrelated circumstances:
a. The microcomputer is sold for $1,000.
b. The microcomputer is sold for $7,300.
c. The microcomputer is abandoned Calculate Accumulated Depreciation balance at January 1, 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started