The Jenkins Company purchased equipment for $15,000 on January 1, 2013. The equipment had an estimated useful life of four years and an estimated salvage value of $3,000. At the beginning of 2015, the equipment was sold for $10,000. Show how the sale affected the financial statements for 2015, assuming Jenkins uses straight-line depreciation.

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The Answer of The Jenkins Company purchased equipment for $15,000 on January 1, 2013. The equipment had an estimated useful life of four years and an estimated salvage value of $3,000. At the beginning of 2015, the equipment was sold for $10,000. Show how the sale affected the financial statements for 2015, assuming Jenkins uses straight-line depreciation.

The Jenkins Company Purchased Equipment for $15,000 on January 1