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On January 1, 2016, Kamloops Corporation purchased equipment for $25,000. Kamloops Corporation expected the equipment to remain in service for 4 years and have a residual value of $5,000. Kamloops Corporation depreciated the equipment using the double-declining-balance method. On June 30, 2018, Kamloops Corporation sold the equipment for $7,500 cash.
Required:
Question 1: Prepare journal entries on June 30, 2018, to record depreciation expense for the six months ended June 30, 2018, and to sell the equipment
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