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On January 1, 2012, Sheffield Corp. purchased for $768000, equipment having a useful life of ten years and an estimated salvage value of $42600. Sheffield

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On January 1, 2012, Sheffield Corp. purchased for $768000, equipment having a useful life of ten years and an estimated salvage value of $42600. Sheffield has recorded monthly depreciation of the equipment on the straight-line method On December 31, 2020, the equipment was sold for $125000. As a result of this sale, Sheffield should recognize again of $52460 $0. $9860 $125000

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