Example (1): Assume that on July 1, 2011, W Company sells office furniture for $ 16,000 cash. The office furniture originally cost $ 60,000. As of January 1, 2011, it had accumulated depreciation of $ 41,000, Depreciation for the first six months of 2011 is $8,000. Compute guin/loss on disposal and record the entry. $ Cost of Asset Less: Accum. Dep. Book Value Proceeds from sales Gain/Loss on Disposal Example (2): Assume that on July 1, 2011, W Company sells office furniture for $ 9.000 cash. The office furniture originally cost $ 60,000. As of January 1, 2011, it had accumulated depreciation of S 41,000. Depreciation for the first six months of 2011 is $ 8,000. Compute gain/loss on disposal, and record the entry