On June 30, 2009, Newsom Company sold equipment for $7,250 that had been acquired for $14,500 on
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Required:
(a) Determine the book value of the computer on December 31, 2008.
(b) Prepare all entries needed on June 30, 2009, to properly account for the disposal of the computer.
Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...
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