An asset acquired January 1,2016,for $15,000 with an estimated 10-year life and no residual value is being depreciated in an equipment group asset account that has an average service life of eight years.The asset is sold on December 31,2017,for $6,000.The entry to record the sale would be:
Definitions:
Present Value
The present value of a future amount of money or series of cash flows, taking into account a particular rate of return.
Rate of Interest
The percentage of a sum of borrowed money that is paid by the borrower to the lender for the use of that money for a certain period.
Frank Knight
was an influential American economist known for his work on risk, uncertainty, and the role of the entrepreneur in economic theory.
Probability
The measure of the likelihood that an event will occur.
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