InstructionsChart of AccountsGeneral JournalInstructionsComputer 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.)Required: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.*C. Assuming that the equipment had been sold for $25,000 cash, prepare the entry to record the sale.**Refer to the Chart of Accounts for exact wording of account titles.PreviousNext

Transaction General Journal Debit Credit a Depreciation expense-Office Equipment…

Answered: 00 cash. (Appropriate entries for…

00 cash. (Appropriate entries for Required: Journalize the following entries 1. Record the depreciation for th- . Record the sale of the equipm Assuming that the equipment.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 29P

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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. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - b. Record the sale of the equipment. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - c. Assuming that the equipment had been sold for $25,000 cash, prepare the entry for (b) above to record the sale. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - -…
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