Equipment Was Purchased for $24,000 on January 1,2018

question 95

Essay

Equipment was purchased for $24,000 on January 1,2018.The equipment's estimated useful life was five years,and its residual value was $4,000.The straight-line method of depreciation was used.Calculate the gain or loss on sale if the equipment is sold for $18,000 on December 31,2018,the end of the accounting period.Prepare the journal entry to record the sale of equipment.Omit explanation.

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Definitions:

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A milestone or an achievement that an individual is expected to accomplish within a specific stage of development as part of the growth process.

Robert Havighurst

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