Mick's Repair Service uses the straight-line method of depreciation. The company's fiscal year end is December 31.. (ch 9) 2016 July 1 Purchased equipment from the Equipment Center for ( $ 10,000 ) cash Dec. 31 Recorded 2016 depreciation on the basis of a four-year life and estimated salvage value of ( $ 2000 ) 2017 January 1 Sold the equipment for ( $ 7,000 ) Instructions Prepare the necessary entries for the above transactions. (Show computations.)

Mick's Repair Service uses the straight-line method of depreciation. The company's fiscal year end is December 31.. (ch 9) 2016 July 1 Purchased equipment from the Equipment Center for $10,000 cash Dec. 31 Recorded 2016 deprociation on the basis of a four-year life and estimated salvage value of $2000 2017 January 1 Sold the equipment for $7,000 Instructions Prepare the necessary entries for the above transactions. (Show computations.)