Equipment Was Acquired at the Beginning of the Year at a Cost

question 241

Essay

Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500. (a) What was the depreciation expense for the first year?
(b) Assuming the equipment was sold at the end of the second year for $\$ 59,000$ , determine the gain or loss on sale of the equipment.
(c) Journalize the entry to record the sale.

Acknowledge the social and psychological processes involved in intergroup conflict.

Explain the principles of social identity theory and their relevance to intergroup relations.

Understand the effects of minimal group paradigms on group behavior and attitudes.

Evaluate strategies for reducing intergroup conflict and promoting positive intergroup relations.

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Definitions:

Laboratory Experiments

Controlled tests or investigations conducted in a specially equipped space where variables can be manipulated and measured to explore scientific theories.

Real-World Stimuli

External inputs from the environment that can be perceived and interacted with in everyday life.

Eyewitness Memory

The recall of individuals who have witnessed a particular event or crime, concerning their ability to remember and report details accurately.

High Confidence

The strong belief or certainty in one's abilities, decisions, or correctness of information.