Harris Company purchased a piece of equipment for $250,000.The equipment had a residual value of $50,000 and a useful life of 10 years.

1) Calculate the accumulated depreciation at the end of year 3.

Harris Company purchased a piece of equipment for $250,000.The equipment had a residual value of $50,000 and a useful life of 10 years.

1) Calculate the accumulated depreciation at the end of year 3.

2) Calculate the book value at the end of year 3.

3) The equipment was sold at the beginning of year 4 for $176,000. Journalize the sale of the fixed asset.

The following are a select list of accounts from Harris Company.Choose from this list to complete the journal entry below.

Cash

Accounts receivable

Inventory

Equipment

Accumulated depreciation

Accounts payable

Unearned revenue

Notes payable

Harris, capital

Harris, drawing

Sales

Cost of goods sold

Selling expense

Administrative expense

Gain on sale of equipment

Loss on sale of equipment