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Equipment acquired on January 1, 2012, is sold on June 30, 2015, for $4,500. The equipment cost ...

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Equipment acquired on January 1, 2012, is sold on June 30, 2015, for $4,500. The equipment cost ...

Equipment acquired on January 1, 2012, is sold on June 30, 2015, for $4,500. The equipment cost $10,000, had an estimated residual value of $3,000, and an estimated useful life of 5 years. The equipment has been amortized using the straight-line method. The journal entry to record the sale of the equipment involves a:
A) credit to Accumulated Depreciation for $4,900
B) credit to Gain on Sale of Asset for $600
C) debit to Accumulated Depreciation for $4,900
D) credit to Equipment for $3,000

Textbook

Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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