On June 30, 2018, Staton Island, Inc. discarded equipment costing $40,000. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $2,500. Prepare the journal entries for the 2018 depreciation expense and for the disposal of the equipment. Omit explanation.

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The Answer of On June 30, 2018, Staton Island, Inc. discarded equipment costing $40,000. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $2,500. Prepare the journal entries for the 2018 depreciation expense and for the disposal of the equipment. Omit explanation.