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

question 111

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.Prepare the journal entry to record the sale of the equipment for $25,000 on January 3,2019.The company has a calendar year accounting period.Omit explanation.

---

Definitions:

Holism

The theory or belief that all the properties of a system (biological, chemical, social, economic, mental, linguistic, etc.) cannot be fully understood without examining the system as a whole.

Diabetes Control

The management of diabetes through lifestyle changes, monitoring blood sugar levels, and possibly medication, to maintain blood glucose at normal or near-normal levels.

Client's Diabetes

Refers to the management and treatment strategies for an individual diagnosed with diabetes, typically involving medication, diet, and lifestyle adjustments.

Von Bertalanffy

Refers to Ludwig von Bertalanffy, a biologist and one of the founders of general systems theory, which is a framework for understanding various complex and interrelated systems.