Required information

[The following information applies to the questions displayed below.]

As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,160 cash. The shelves originally cost $7,840 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $640.

1. Complete the table below, indicating the account, amount, and direction of the effect on disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.)

2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Required information Part 1 of 2 The following information applies to the questions displayed below As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,160 cash. The shelves originally cost $7,840 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of S640 2 points eBook 1. Complete the table below, indicating the account, amount, and direction of the effect on disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Print References Assets Liabilities Stockhol 6 As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,160 cash. The shelves originally cost $7,840 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of S640. Part 2 of 2 2. Prepare the journal entry to record the sale of the shelving units. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) 2 points View transaction list eBook Print References Journal entry worksheet Record the sale of the shelving units for $1,160. Note: Enter debits before credits. Transaction General Journal Debit Credit