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On December 1, 2014, SEAF purchased a laptop for $3,000 in cash. According to SEAF's accounting policy, any tangible goods acquired for over $500 needs

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On December 1, 2014, SEAF purchased a laptop for $3,000 in cash. According to SEAF's accounting policy, any tangible goods acquired for over $500 needs to be capitalized. SEAF applies straight line depreciation over 60 months for all tangible assets. On December 1, 2016, SEAF sold the computer to a 2^nd hand market for $500. What Journal Entries would be, if applicable, on the dates below: a. December 1, 2014 b. December 31, 2014

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