As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units(recorded as Equipment) that were 10 years old for $1,070 cash. The shelves originally cost $7,480 and had beendepreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $580.M9-10 (Algo) Part 1Required:1. Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation hasbeen recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do notround intermediate calculations.)CashEquipmentAssets1,070(7,250)420=Accumulated Depreciation-EquipmentLiabilitiesStockholders' Equ

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Description: As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units(recorded as Equipment) that were 10 years old for $1,070 cash. The shelves originally cost $7,480 and had beendepreciated on a stra

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depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $580. -10 (Algo) Part 1 uired: Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has een recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not ound intermediate calculations.) sh ipment Assets 1,070 = (7,250) = 100 Liabilities

depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $580. -10 (Algo) Part 1 uired: Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has een recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not ound intermediate calculations.) sh ipment Assets 1,070 = (7,250) = 100 Liabilities

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Chapter10: Long-lived Tangible And Intangible Assets

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As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,370 cash. The shelves originally cost $8,680 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $780. Required: Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.)
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As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc., sold shelving units (recorded as Equipment) that were 10 years old for $800 cash. The shelves originally cost$6,400 and had been depreciated on a straight-line basis over an estimated useful life of 10 yearswith an estimated residual value of $400. Assuming that depreciation has been recorded to the dateof sale, show the effect of the disposal on the accounting equation. Prepare the journal entry torecord the sale of the shelving units.
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