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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Business

Abram Wiley

2 August, 02:43

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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Killian Barrera · Answer 1

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