Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Journalize the following entries:
(a)Record the depreciation for the one-half year prior to the sale, using the straight-line method.(b)Record the sale of the equipment.(c)Assuming that the equipment had been sold for $25,000 cash, prepare the entry to record the sale.

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The Answer of Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Journalize the following entries:
(a)Record the depreciation for the one-half year prior to the sale, using the straight-line method.(b)Record the sale of the equipment.(c)Assuming that the equipment had been sold for $25,000 cash, prepare the entry to record the sale.

Computer Equipment (Office Equipment) Purchased 6 1/2 Years Ago for $170,000