Journal entry recording for the sale of old plotter

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Reference no: EM13156456

Toth's architech purchased a color plotter for $5,000 in January 2006. The plotter was expected to last for 5 years with a $500 salvage value. Toth uses the double-declining balance method to depreciate the plotter.

Toth chose to upgrade to a premium model in January 2007 and sold the old plotter to dunn drafting for $2,500.

Prepare the journal entry recording for this sale of old plotter.

Reference no: EM13156456

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