Future Foundations purchased equipment on January 1, 2013, for $50,000, with an estimated useful life of 5 years and an estimated residual value of $5,000. The company uses the straight-line method of depreciation. On July 1, 2015, the equipment was sold for $17,500 cash.

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The Answer of Future Foundations purchased equipment on January 1, 2013, for $50,000, with an estimated useful life of 5 years and an estimated residual value of $5,000. The company uses the straight-line method of depreciation. On July 1, 2015, the equipment was sold for $17,500 cash.

Future Foundations Purchased Equipment on January 1, 2013, for $50,000