The

The Ringo Group sold one of its plant assets on June 1 of the current year for $150000. The asset had an original cost of $ 600,500 and an estimated residual value of $2,000 Ringo used the straight-line method of depreciation assuming an estimated useful life of sevens years. The asset was in service for five years as of January 1 of the current year

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Requirement a. Prepare the journal entry required to record the depreciation for the current year. (Record debits first, then credits. Exclude explanations from any journal entries.)

Account	June 1

Requirement b. Prepare the journal entry required to record the sale of the asset

Account	June 1