Kelly Petroleum Products Owns Fully Depreciated Furniture That Was Purchased

question 95

Multiple Choice

Kelly Petroleum Products owns fully depreciated furniture that was purchased for $26,500. The furniture had an estimated useful life of 8 years and an estimated residual value of $2,500. The furniture was sold for $2,700. Which of the following is the correct entry to record the transaction?

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Definitions:

Ethers

A class of organic compounds containing an oxygen atom connected to two alkyl or aryl groups.

Boiling Points

The temperature at which a liquid turns to vapor at a given pressure, characteristic for each substance.

Nonhydroxylic

Pertaining to a compound or substance that does not contain hydroxyl groups (-OH).

Isopropyl Tert-Butyl Ether

A chemical compound, an ether, formed from the reaction between isopropyl alcohol and tertiary butyl alcohol.