Question
On June 30, 2015, ABC, Inc. sold equipment for $6,350 cash. The equipment was purchased on January 1, 2010 at a cost of $15,000. The
On June 30, 2015, ABC, Inc. sold equipment for $6,350 cash. The equipment was purchased on January 1, 2010 at a cost of $15,000. The equipment was depreciated using the straight-line method over an estimated ten-year life with zero salvage value. ABC last recorded depreciation on the equipment on December 31, 2014, its year-end.
What journal entries are required on ABCs books in order to record this sale?
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Ibrahim M. Aly, Donald E. Kieso
6th Canadian Edition
1119731828, 9781119731825
