M8-8 (Static) Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation) LO8-5

Bonhams Bakery sold store fixtures that were 10 years old for $1,800 cash. The original cost of the shelves was $6,500, and they had been depreciated on a straight-line basis over an estimated useful life of 12 years with an estimated residual value of $800.

Bonham's Bakery sold store fixtures that were 10 years old for $1,800 cash. The original cost of the shelves was $6,500, and they had peen depreciated on a straight-line basis over an estimated useful life of 12 years with an estimated residual value of $800. Record the sale of the fixtures. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: tnter aediss Derore creaiss