Record the depreciation for the one-half year prior to the, Ask an Expert

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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:

(a) Record the depreciation for the one-half year prior to the sale, using the straight-line method.

(b) Record the sale of the equipment.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M959546

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