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Journalize the discarding of the furniture

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Assume that on March 2, 2017 UB purchased furniture for $12,000 cash, expecting the furniture to remain in service for five years. UB has depreciated the furniture on a double declining balance basis, with $1,000 estimated residual value. On January 1, 2020, UB sold the furniture for $3,880 cash.

Problem 1: Journalize the sale of the furniture.

Problem 2: IF UB threw the asset in the trash instead, journalize the discarding of the furniture.

Reference no: EM132825230

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