On January 1, 2012, 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, 2014, 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, 2014, and to sell the equipment.

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The Answer of On January 1, 2012, 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, 2014, 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, 2014, and to sell the equipment.

On January 1, 2012, Kamloops Corporation Purchased Equipment for $15,500