On January 1, Tavis Corp. sold a piece of equipment for $10,000 that it had used for several years. The equipment had cost $50,000, and the accumulated depreciation account had a balance of $34,000 at the time of the sale. Describe the effects on the accounting equation of selling the equipment.

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The Answer of On January 1, Tavis Corp. sold a piece of equipment for $10,000 that it had used for several years. The equipment had cost $50,000, and the accumulated depreciation account had a balance of $34,000 at the time of the sale. Describe the effects on the accounting equation of selling the equipment.