On June 30, 2020, JKL, Inc. sold plant equipment (asset D) for $76,000. The equipment was purchased January 1, 2017 for 97,000. JKL, Inc. used the 200% declining balance method for this asset, over an estimated useful life of 7 years, with salvage value set at $13,000. Payment received included $10,000 cash and the buyers note for the balance. The note requires equal annual principal payments over 5 years from date, together with interest at 6%. Additionally, depreciation expense for 2020 of $107,000, related to other depreciable assets of $1,066,000 is appropriate and has not been recorded.

Acquired		Life	Cost	Salvage
1/1/2017	Machine A	5 years	78,000	10%
1/1/2018	Machine B	7 years	7,000	None
1/1/2011	Building	35 years	727,000	None

All are depreciated by the straight line method. 2020 depreciation has not been recorded. On 01-01-20, the company changed its estimate for the life of Machine B to 10 years from 7 years.

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