Question
Office equipment purchased 5 1/2 years ago for $70,000, with an estimated life of 10 years and no residual value is sold for $20,000 cash.
Office equipment purchased 5 1/2 years ago for $70,000, with an estimated life of 10 years and no residual value is sold for $20,000 cash. Journalize the following entries:
| (a) | Record the depreciation for the one-half year prior to the sale, using the straight-line method. | ||||||||||||||||||||||||||||||||
| (b) | Record the sale of the equipment.
|
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Preliminary Audit Results Montanas State Employee Compensation 1990
Authors: Waters Consulting Group, Montana. State Employee Compensation Committee
1st Edition
1378152700, 978-1378152706
