On April 1,2010,a Company Disposed of Equipment for $14,200 Cash

Essay

On April 1,2010,a company disposed of equipment for $14,200 cash that had cost $35,000 on January 1,2005.The equipment had a salvage value of $5,000 and a useful life 10 years.The double-declining-balance depreciation method was used.On December 31,2009,accumulated depreciation was $20,664.Prepare a journal entry to record depreciation for 2010 up to the date of disposal of the equipment and prepare a journal entry to record the disposal of the equipment.