An asset acquired January 1, 2016, for $14,500 with an estimated 10-year life and no residual value is being depreciated in an equipment group asset account that has an average service life of eight years. The asset is sold on December 31, 2017, for $6,800. The entry to record the sale would be:

• A 
• C
• D 
• B

Transcribed Image Text:

A) Cash $6,000 Loss on sale of equipment $9,000 Equipment $15,000 B) Cash $6,000 Equipment $6,000 A) Cash $6,000 Loss on sale of equipment $9,000 Equipment $15,000 B) Cash $6,000 Equipment $6,000

Answer rating: 100% (QA)

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