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.

---

Definitions:

Autocratic Governments

Autocratic governments are characterized by a single authority or leader with absolute power, where decision-making is centralized and citizen participation is minimal or non-existent.

Democratic Governments

Democratic governments are those in which power is vested in the hands of the people, either directly or through elected representatives, and decisions are made based on majority rule.

Intermediary Governments

These are levels of government situated between the central or national authorities and the local governments, facilitating coordination and policy implementation across different regions.

Elite Theory

A theory asserting that a small minority, consisting of members of the economic elite and policy-planning networks, holds the most power in society which they use to influence and control public policy.