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Murphy's Deli is in the process of closing its operations and sold its three-year-old restaurant equipment to Stan's Steakhouse for $80,000. The equipment originally cost $220,000 and had an estimated service life of five years and an estimated residual value of $20,000. Murphy's Deli uses straight-line depreciation for all equipment.
Required:
Problem 1: Calculate the balance in the accumulated depreciation account at the end of the third year.
Problem 2: Calculate the book value of the equipment at the end of the third year.
Problem 3: What is the gain or loss on the sale of the equipment at the end of the third year?
Problem 4: Record the sale of the equipment at the end of the third year.
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