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Calculate any gain or loss on the disposal of the equipment

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Point 1: Counselors of Griffin purchased equipment on January 1, 2017, for $76,500. Counselors of Griffin expected the equipment to last for eight years and have a residual value of $4,500. Suppose Counselors of Griffin sold the equipment for $34,500 on December 31, 2021, after using the equipment for five full years.

Question 1: Assume depreciation for 2021 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment.

Market value of assets received 34,500

Less: Book value of asset disposed of

Cost                                             76,000

Less: Accumulated Depreciation

Gain or (Loss)

Reference no: EM132494787

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