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On January 1,2015,Kamloops Corporation Purchased Equipment for $15,500

Question 102

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On January 1,2015,Kamloops Corporation purchased equipment for $15,500.Kamloops Corporation expected the equipment to remain in service for 4 years and have a residual value of $1,500.Kamloops Corporation amortized the equipment using double-declining-balance depreciation.On June 30,2017,Kamloops Corporation sold the equipment for $3,750 cash.
Prepare journal entries on June 30,2014,to record depreciation expense for the six months ended June 30,2017,and to sell the equipment.

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