Business, 09.11.2019 02:31 NBASTARK4523
Equipment was purchased at a cost of $52,000. it had an estimated useful life of seven years and a residual value of $3,000. assuming the equipment was sold at the end of year 6 for $14,000, which of the following will be included in the journal entry? (assume the straight-line depreciation method.)
(a) a credit to loss on sale of asset
(b) a credit to cash
(c) a debit to accumulated depreciation—equipment
(d) a debit to gain on sale of asset
Answers: 3
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