book Calculator Asset Disposal Assume that Chee Inc. purchased an asset on January 1, 2015, for $60,000. The asset had an estimated Ife of six years and an estimated residual value of $6,000. The company sed the straight-line method to depreciate the asset Assume that Chee Inc. sold the asset on July 1, 2017, and received $10,000 cash and a note for an additional $20,000. Required: 1. Identity and analyse the effect of the transaction for depreciation for 2017 Activity Accounts Statements) the try and leave the amount box blank Rememberia contra account How does this entry the accounting equations financial statement is not affected t o effect on a financial statement item is negative , a decrease be sure to enter the answer with a minus si increased, it will have the effect of decreasing the corresponding financial statement tem Balance Sheet dentity and at the effect of the sale of the T mong mont o n Identify and analyze the effect of the sale of the asset Activity Accounts Statements How does this entry tect the accounting equation financial statement item is not affected, select "No Entry and leave the amount box blank. If the ffect on a financial statementum ist e, a decrease be sure to enter the answer with a mi n Remember a contra account is increased, t here there of decreasing the corresponding financial statement item Balance Sheet Stockholders' . Uabilities 2. How should the gain or loss on the sale of these OM My Wonmore Check My Works All work saved. Save and be submersivere for Grading K rect on a financial statement item is negative, e, a decrease, be sure to enter the answer with creased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Stockholders Uabilities Revenues 2. How should the gain or loss on the sale of the asset be presented on the income statement? The gain or loss should appear in the of the income statement to indicate that it part of the normal operating activity of the company All work saved Save and Exit S ilent for Grading N M book Calculator Asset Disposal Assume that Chee Inc. purchased an asset on January 1, 2015, for $60,000. The asset had an estimated Ife of six years and an estimated residual value of $6,000. The company sed the straight-line method to depreciate the asset Assume that Chee Inc. sold the asset on July 1, 2017, and received $10,000 cash and a note for an additional $20,000. Required: 1. Identity and analyse the effect of the transaction for depreciation for 2017 Activity Accounts Statements) the try and leave the amount box blank Rememberia contra account How does this entry the accounting equations financial statement is not affected t o effect on a financial statement item is negative , a decrease be sure to enter the answer with a minus si increased, it will have the effect of decreasing the corresponding financial statement tem Balance Sheet dentity and at the effect of the sale of the T mong mont o n Identify and analyze the effect of the sale of the asset Activity Accounts Statements How does this entry tect the accounting equation financial statement item is not affected, select "No Entry and leave the amount box blank. If the ffect on a financial statementum ist e, a decrease be sure to enter the answer with a mi n Remember a contra account is increased, t here there of decreasing the corresponding financial statement item Balance Sheet Stockholders' . Uabilities 2. How should the gain or loss on the sale of these OM My Wonmore Check My Works All work saved. Save and be submersivere for Grading K rect on a financial statement item is negative, e, a decrease, be sure to enter the answer with creased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Stockholders Uabilities Revenues 2. How should the gain or loss on the sale of the asset be presented on the income statement? The gain or loss should appear in the of the income statement to indicate that it part of the normal operating activity of the company All work saved Save and Exit S ilent for Grading N M