As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,190 cash. The shelves originally cost $7,960 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $660.

[The following information applies to the questions displayed below As part of a major renovation at the beginning of the year, Atlase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,190 cash. The shelves orlginally cost $7,960 and had been depreclated on a straight-line basis over an estimated useful life of 10 years with an estimated resldual value of $660 value 1.00 points Required Information 1. Complete the table below, indicating the account, amount, and direction of the effect on disposal Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Equiy vecorded to ih amount and calculationsets, Assets Liabilities Stockholder's Equity References eBook & Resources