Equipment Was Purchased for $24,000

question 98

Essay

Equipment was purchased for $24,000. The equipment's estimated useful life was 5 years, and its residual value was $4,000. The straight-line method of depreciation was used. Give journal entry to record the sale of the equipment if it is sold for $25,000 at the end of the first year.

---

Definitions:

Achievement-Oriented Leadership

A leadership style focused on setting challenging goals, emphasizing excellence, and showing confidence in followers' abilities to meet high standards.

Tangible Benefits

Material or measurable advantages that result from an action, decision, or policy, often involving financial gain or physical assets.

High-LPC Leaders

Refers to leaders categorized by the Contingency Theory of Leadership as having a high Least Preferred Co-worker score, indicating a people-oriented approach.

Fiedler's Contingency Theory

A leadership model proposing that effective leadership depends on a match between a leader’s style and the degree to which the situation gives the leader control and influence.