chapter 9. 8

Required information M9-10 Reporting and Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) [LO 9-5) [The following information applies to the questions displayed below.] 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 $830 cash. The shelves originally cost $6,520 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $420. M9-10 Part 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the sale of the shelving units for $830. Note: Enter debits before credits. Transaction General Journal Debit Credit