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10 April, 14:13

Career Services, Incorporated sold some office equipment for $52,000 on December 31, 2015. The journal entry to record the sale would include which of the following if the original cost of the equipment was $80,000 with a residual value of $5,000 and a useful life of 10 years? Assume the machine was purchased on January 1, 2012 and depreciated using the straight-line method.

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  1. 10 April, 17:41
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    Cash 52.000

    Accumulated depreciation 30.000

    Gain on asset disposal 2.000

    Ofiice equipment 80.000

    Explanation:

    2012 2013 2014 2015

    Cost 75000 67.500 60.000 52.500

    Dep-Acu 7.500 7.500 7.500 7.500

    Book Value 67.500 60.000 52.500 45.000
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