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Calculate the book value at time of sale

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Reference no: EM133175427

Question - Grey's Inc. decided to dispose of a piece of equipment and upgrade to a new model. They had purchased the old evaporator on January 1, 2012 for $17,400. There was no salvage/residual value and the useful life Grey's used was 6 years. Grey's depreciated the machinery using the Straight Line method.

Grey's sold the equipment on June 30, 2016 to Tavon for $1525.

a) Calculate the Book Value at time of sale. (Do not round the depreciation per year.)

b) Calculate Grey's gain or loss on this sale?  Enter a loss as a negative value.

c) Journalize this sale on Grey's books on June 30, 2016.

Reference no: EM133175427

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