[The following information applies to the questions displayed below As part of a

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[The following information applies to the questions displayed below As part of a major renovation at the beginning of the year, Atlase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,190 cash. The shelves orlginally cost $7,960 and had been depreclated on a straight-line basis over an estimated useful life of 10 years with an estimated resldual value of $660 value 1.00 points Required Information 1. Complete the table below, indicating the account, amount, and direction of the effect on disposal Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Equiy vecorded to ih amount and calculationsets, Assets Liabilities Stockholder's Equity References eBook & Resources

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Original cost 7960 Residual Value 660 Life 10Years Depriciation 7960-660/10 7300 Depricition 730 Sale 1190 WDV (7300-730) 6570 Loss on sale on Assets -5380 Assets=liabilities+stockholder Equity Assests Liabilites+Stockholder equity 7300 5380+1190+730=7300

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