On January 1, 2015, WAX-D purchased equipment for $60,000 cash, expecting it to remain in service for six years. The company depreciates the equipment on a straight-line basis, with $2,000 residual value. On April 30, 2017, the company sold the equipment for $48,000 cash. Record both depreciation expense for 2017 and sale of the equipment on April 30, 2017. (Do not round your intermediate calculations).

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The Answer of On January 1, 2015, WAX-D purchased equipment for $60,000 cash, expecting it to remain in service for six years. The company depreciates the equipment on a straight-line basis, with $2,000 residual value. On April 30, 2017, the company sold the equipment for $48,000 cash. Record both depreciation expense for 2017 and sale of the equipment on April 30, 2017. (Do not round your intermediate calculations).

On January 1, 2015, WAX-D Purchased Equipment for $60,000 Cash