Question 3 (of 23) An asset acquired January 1, 2016, for $14,900 with an estima

Question

Question 3 (of 23) An asset acquired January 1, 2016, for $14,900 with an estimated 10-year life and no residual value is being depreclated in an equipment group asset account that has an average service life of elght years. The asset is sold on December 31, 2017, for $6,200. The entry to record the sale would be: Cash 6,200 Loss on sale of equipment 14.900 Cash Accumulated depreciation Loss on sale of equipment 6,200 4.975 Equipment 14,900 Cash 6.200 6,200 6.200 8.700 Accumulated 14.900 sC FI F2 F5 F7 8

Explanation / Answer

Journal entry :

so answer is b)

date accounts & explanation debit credit Cash a/c 6200 Accumlated depreciation a/c 3725 Loss on sale of equipment 4975 Equipment a/c 14900 (To record sale of equipment)

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