On january 1 2017 abc co sold equipment for 16000 cash that, Ask an Expert

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On January 1, 2017, ABC Co. sold equipment for $16,000 cash that had cost $35,000, a salvage value of $5,000, and a useful life 10 years. The double-declining-balance depreciation method was used. On December 31, 2016, accumulated depreciation was $20,600. Prepare a journal entry to record the disposal of the equipment. Hint: Your journal entry below should include a gain on disposal of $1,600.

Date Account Name Debit Credit

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91960232

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