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Journalize the entry to record the sale

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Question - ABC Company has office furniture that cost $40,000, an estimated life of 10 years and a $4,000 salvage value.  As of January 1, 2011, accumulated depreciation on the furniture amounts to $30,600.  The straight line depreciation method is used.  On April 1, 2011, ABC sold the furniture for $9,000.

a) April 1, 2011 - entry to record depreciation for current year:

b) Calculate the gain or loss

c) Journalize the entry to record the sale.

Reference no: EM131798109

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