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On January 1, 2012, Kamloops Corporation purchased equipment for $15,500. Kamloops Corporation ...

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On January 1, 2012, Kamloops Corporation purchased equipment for $15,500. Kamloops Corporation ...

On January 1, 2012, Kamloops Corporation purchased equipment for $15,500. Kamloops Corporation expected the equipment to remain in service for 4 years and have a residual value of $1,500. Kamloops Corporation amortized the equipment using double-declining-balance depreciation. On June 30, 2014, Kamloops Corporation sold the equipment for $3,750 cash.

Prepare journal entries on June 30, 2014, to record depreciation expense for the six months ended June 30, 2014, and to sell the equipment.

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Financial Accounting, Canadian Edition

Edition: 5^th

Authors: Harrison, Horngren, Thomas, Berberich, Seguin

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