Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Journalize the following entries:
Definitions:
Practical Men
Individuals focused on applying theoretical knowledge or techniques to solve real-world problems or achieve practical goals; traditionally used to describe action-oriented people in business or industry.
John Maynard Keynes
An English economist whose concepts significantly altered macroeconomic theory and practice, along with government economic strategies.
Elder Abuse
The abuse or neglect of senior citizens, particularly in nursing homes.
Neglect
Failing to provide necessary care, assistance, or attention to someone or something, often leading to harm.
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