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Prepare a record the sale of the displaying shelves

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Reference no: EM132493195

Point 1: Charlie's Chocolate Store sold displaying shelves (store fixtures) that were 8 years old for $3,200 cash. The original cost of the shelves was $7,600 and they had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $1,900.

Question 1: Assume that the accumulated depreciation balance has been updated to the date of sale. Record the sale of the displaying shelves. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

 

Reference no: EM132493195

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