Homework: HW09.03 Score: 0 of 5 pts S9-10 (similar to) Save 6 of 13 (0 complete)

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Homework: HW09.03 Score: 0 of 5 pts S9-10 (similar to) Save 6 of 13 (0 complete) ? Hw Score: 0%, 0 of 50 pts I Question Help * Peter Company purchased equipment on January 1, 2016, for $26,000. Suppose Peter sold the equipment for $8,000 on December 31, 2017, Accumulated Depreciation as of December 31, 2017, was $11,000. Journalize the sale of the equipment, assuming straight-line depreciation was used First, calculate any gain or loss on the sale of the equipment. (Enter a loss with a minus sign or parentheses) Market value of assets received Less: Book value of asset disposed of Cost Less:Accumulated Depreciation Gain or (Loss) Enter any number in the edit fields and then click Check Answer

Explanation / Answer

Journal entry:

Market value of assets received $8,000 Less: Book value of asset disposed of Cost $26,000 Less: Accumulated Depreciation ($11,000) $15,000 Gain or (Loss) ($7,000)

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