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question an asset acquired january 1 2013 for 14 100 with an estimated10 year life a 4287404

Question

An asset acquired January 1, 2013, for $14,100 with an estimated10-year life and no residual value is being depreciated in anequipment group asset account that has an average service life ofeight years. The asset is sold on December 31, 2014, for $6,900.The entry to record the sale would be:

 

 

  Cash

6,900

 

  Loss on sale ofequipment

7,200

 

   Equipment

 

14,100

 

  Cash

6,900

 

   Equipment

 

6,900

 

  Cash

6,900

 

  Accumulateddepreciation

3,525

 

  Loss on sale ofequipment

3,675

 

   Equipment

 

14,100

 

  Cash

6,900

 

  Accumulateddepreciation

7,200

 

   Equipment

 

14,100

 

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