Assume that gonzalez company purchased an asset on january

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Reference no: EM13607591

Assume that Gonzalez Company purchased an asset on January 1, 2008, for $60,000. The asset had an estimated life of six years and an estimated residual value of $6,000. The company used the straight-line method to depreciate the asset. On July 1, 2010, the asset was sold for $40,000.

Required: Hide 1. Make the journal entry to record depreciation for 2010. Record all transactions necessary for the sale of the asset. Journal entry to record depreciation on July 1.

Reference no: EM13607591

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