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Computer equipment (office equipment) purchased 6 years ago for $170,000, with an estimated life of eight years and a residual value of $10,000, is now
Computer equipment (office equipment) purchased 6 years ago for $170,000, with an estimated life of eight years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Journalize the following entries: a. Record the depreciation for the one-half year prior to the sale, using the straight-line method. b. Record the sale of the equipment. If an amount box does not require an entry, leave it blank. c. Assuming that the equipment had been sold for $25,000 cash, prepare the entry for (b) above to record the sale. If an amount box does not require an entry, leave it blank
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