Sold store equipment for $7,200. The equipment originally cost $8,000 and had a book value of $4,800. (Given this information, you should be able to derive the accumulated depreciation on the equipment, and determine the gain or loss on the sale.)
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Sold store equipment for $7,200. The equipment originally cost $8,000 and had a book value of $4,800. (Given this information, you should be able to derive the accumulated depreciation on the equipment, and determine the gain or loss on the sale.)
The book value is the cost minus the accumulated depreciation
credit asset
debit accumulated depreciation
debit asset sale
credit profit on sale
I 'll leave you to fill in the numbers
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