Question
James Company sells equipment on July 1, 1995, for $9,000. The equipment originally cost $57,500 and as of January 1, 1995, had accumulated depreciation of
James Company sells equipment on July 1, 1995, for $9,000. The equipment originally cost $57,500 and as of January 1, 1995, had accumulated depreciation of $40,000. Depreciation for the first month of 1995 is $5,000.
- Prepare the journal entry to update the depreciation to July 1, 1995.
- Record the sale of equipment.
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Accounting
Authors: Michael J. Jones
2nd Edition
0470017791, 978-0470017791
