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06-06-2023
Business

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Counselors of Cartersville purchased equipment on January 1,2023 , for $49,000. Counselors of Cartersville expected the equipment to last for eight years and have a residual value of $1,000. Suppose Counselors of Cartersville sold the equipment for $38,600 on December 31,2024 , after using the equipment for two full years. Assume depreciation for 2024 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment.
market value of assets received ____
less: book value of assets disposed of cost _
less : accumulateed depreciation _
gain or (loss) ___________

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