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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Stand Up To The IRS How To Handle Audits Tax Bills And Tax Court
Authors: Frederick W. Daily Robin Leonard
2nd Edition
0873372409, 978-0873372404
