Recording the Disposal of a Long-Lived Asset (Straight-Line Depreciation)
As part of a major renovation at the beginning of the year, Scheffer’s Pharmacy, Inc., sold shelving units (store fixtures) that were 10 years old for $1,800 cash. The original cost of the shelves was $6,000 and they had been depreciated on a straight-line basis over an estimated useful life of 13 years with an estimated residual value of $800. Record the sale of the shelving units.
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