Question: Exercise II (FOR SELECTION) CD Corp. acquired some special equipment for 534000 on August 1, 2014. The useful life of the equipment was estimated

Exercise II (FOR SELECTION) CD Corp. acquired some special equipment for 534000

Exercise II (FOR SELECTION) CD Corp. acquired some special equipment for 534000 on August 1, 2014. The useful life of the equipment was estimated to be 6 years and its residual value was assumed to be zero. The company uses the linear method and calculates the annual depreciation charges according to the number of months used. The depreciation is recorded indirectly. On November 30, 2015, the equipment was sold for 485000 cash. Requirement: Post all necessary entries for 2015 (including any adjusting entries) related to the sale of the equipment to the corresponding ledger accounts. There are no closing entries required.

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