Equipment was purchased at a cost of $78,000. The equipment had an estimated useful life of 5 years and had a residual value of $3,000. Assuming the equipment was sold at the end of year 4 for $8,000, which of the following will be included in the journal entry? (Assume straight-line depreciation method.)
Accumulated depreciation, debit $60,000.
Accumulated depreciation, credit $60,000.
all of the above
none of the above
Answers: 3
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Equipment was purchased at a cost of $78,000. The equipment had an estimated useful life of 5 years...
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