Question: A microcomputer was purchased on January 1, 2017 at a cost of $11,000. It is expected to have a useful life of 5 years and

A microcomputer was purchased on January 1, 2017 at a cost of $11,000. It is expected to have a useful life of 5 years and a residual value of $1000. The microcomputer is depreciated using the straight line method. Assume the microcomputer is disposed of, after year end depreciation has been recorded on January 1, 2020.

REQUIRED: Give the general journal entry to record the sale of the microcomputer under the following unrelated circumstances:

a. The microcomputer is sold for $1,000.

b. The microcomputer is sold for $7,300.

c. The microcomputer is abandoned Calculate Accumulated Depreciation balance at January 1, 2020

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