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Determine the carrying amount of the equipment at December

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Reference no: EM132984458

Question - Cory Corporation purchased equipment on January 1, 2016 for $280,664. It is estimated that the equipment will have a $14,000 residual value at the end of its 10-year useful life. On December 31, 2018, Cory sells the equipment for $150,000.

Required -

(A) Determine the carrying amount of the equipment at December 31, 2018 using the double diminishing balance method of depreciation.

(B) Prepare the appropriate journal entry for the sale of the equipment.

Reference no: EM132984458

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