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Record the sale of the equipment

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Question - Computer equipment (office equipment) purchased 6 ½ years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Journalize the following entries:

a) Record the depreciation for the one-half year prior to the sale, using the straight-line method.

b) Record the sale of the equipment.

c) Assuming that the equipment had been sold for $30,000 cash, prepare the entry for (b) above to record the sale.

Reference no: EM132962815

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