Question
On 1/1/2014, McDermott company purchased equipment for $70,000. The equipment had an estimated useful life of 10 years and a residual value of $2000. McDermott
On 1/1/2014, McDermott company purchased equipment for $70,000. The equipment had an estimated useful life of 10 years and a residual value of $2000. McDermott company uses the straight-line method for depreciation. On 12/31/2016, McDermott company decides to sell the asset for $34,720
What is the journal entry?
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Supply Chain Management Accounting Managing Profitability Working Capital And Asset Utilization
Authors: Simon Templar
1st Edition
0749472995, 978-0749472993
