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Counselors of Atlanta purchased equipment on January 1 , 2 0 1 5 , for $ 2 0 , 0 0 0 . Counselors of
Counselors of Atlanta purchased equipment on January for $ Counselors of Atlanta expected the equipment to last for four years and have a residual value of $ Suppose Counselors of Atlanta sold the equipment for $ on December after using the equipment for three full years. Assume depreciation for has been recorded. Journalize the sale of the equipment, assuming straightline depreciation was used.
First, calculate any gain or loss on the disposal of the equipment.
Market value of assets received
Less: Book value of asset disposed of
Cost
Less: Accumulated Depreciation
Gain or Loss
Now, journalize the sale of the equipment. Record debits first, then credits. Select the explanation on the last line of the journal entry table.
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