Equipment purchased for $70,000 on January 1,2020,was sold on July 1,2023.The company uses the straight-line method of computing depreciation and recognizes $10,000 of depreciation expense annually.When recording the sale,the company should record a debit to Accumulated Depreciation-Equipment for:

Question

Quizplus · Accepted Answer

$10,000 depreciation for year × 3.5 years = $35,000

Equipment Purchased for $70,000 on January 1,2020,was Sold on July