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Entries for sale of fixed asset
Equipment acquired on January 5, 2009, at a cost of $380,000, has an estimated useful life of 16 years, has an estimated residual value of $40,000, and is depreciated by the straight-line method.
a. What was the book value of the equipment at December 31, 2012, the end of the year?
b. Assuming that the equipment was sold on July 1, 2013, for $270,000, journalize the entries to record (1) depreciation for the six months until the sale date, and (2) the sale of the equipment.
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The offer price is for all Adjusting Enteries,Bank reconlilation and financial statement for this assignment..... Plus all extra info last trail balance error cheque account balance was $93410 and Account Recievable $65206.
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