On January 1,2017,Dennis Supply Purchased Equipment for $60,000 Cash,expecting It

question 59

Essay

On January 1,2017,Dennis Supply purchased equipment for $60,000 cash,expecting it to remain in service for six years.The equipment is depreciated using the straight-line method with $2,000 estimated residual value.On April 30,2019,the equipment was sold for $48,000 cash.Record depreciation expense for 2019 and the sale of the equipment on April 30,2019.(Round all intermediate calculations to two decimal places.Round final numbers to nearest dollar.)Omit explanations.

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Definitions:

Schachter and Singer

Two psychologists known for their theory on emotion, suggesting that physiological arousal is interpreted in the context of the environment to produce the emotional experience.

Physical Arousal

A physiological response of the body to sexual attraction or excitement, involving increased blood flow, heart rate, and erection or lubrication.

Labeling

The process of identifying and naming specific conditions or behaviors, which can influence perception and treatment of individuals.

Cognitive Arousal Theory

A theory suggesting that emotions are determined by a combination of cognitive interpretation of environmental cues and the level of physiological arousal.