Homework Answers
| Market value of assets received | 4,000 | |
| Less: Book value of asset disposed of | ||
| Cost | 33,000 | |
| Less: Accumulated depreciation | -15,000 | 18,000 |
| Loss | -$14,000 |
| Date | General Journal | Debit | Credit |
| December 31, 2019 | Cash | $4,000 | |
| Accumulated depreciation - Equipment | $15,000 | ||
| Loss on sale of equipment | $14,000 | ||
| Equipment | $33,000 |
Kindly comment if you need further assistance. Thanks‼!
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