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On November 1, 2016, Sternberg Company sold office equipment for $12,000. The equipment was purchased on March 31, 2013, for $24,000. The asset was being

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On November 1, 2016, Sternberg Company sold office equipment for $12,000. The equipment was purchased on March 31, 2013, for $24,000. The asset was being depreciated over a five-year life using the straight-line method, with depreciation based on months in service. No residual value was anticipated. Instructions: Prepare the journal entries required on September 30, 2016

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