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

Short Answer

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.