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ASB Ceramics purchased equipment used in the business three years ago for $41,000. The accumulated...

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Accounting

ASB Ceramics purchased equipment used in the business three years ago for $41,000. The accumulated depreciation account related to the equipment asset account had a balance of $11,700. The equipment had an estimated salvage (residual) value of $2,000 and had an estimated life of ten years. A full years depreciation was taken the first year. ASB uses the straight-line depreciation method. All depreciation is usually recorded at year-end. The company sold the equipment in exchange for a promissory note on July 1 of the fourth year for $22,000. Record the appropriate entries necessary.

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