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Sale of equipment useful life of ten years and an estimated residual value of...

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Accounting

Sale of equipment
useful life of ten years and an estimated residual value of $730.
a. What was the depreciation for the first year?
$
b. Assuming the equipment was sold at the end of year 2 for $8,670, determine the gain or loss on the sale of the equipment.
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Book value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depreciation account is zero.
the equipment was sold for a gain.
c. Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank.
December 31
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