Foster glass company purhcased a fax machine for 1800, salvage value of $300 with useful life of three years. Assume foster uses the doulble-declining balance (DDB) depreciation method.
Foster decided to replace its fax machine with a bizhub on July 1,2008. Eagle Outfitters offered to buy the used fax machine from foster for $1,000.
record on Foster books for July 1, 2008 journal entry detailing the sale of the fax machine.