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3. Counselors of Griffin purchased equipment on January 1, 2017 for $26,000. Counselors of Griffin...

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Accounting

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3. Counselors of Griffin purchased equipment on January 1, 2017 for $26,000. Counselors of Griffin expected the equipment to last for four years and have a residual value of $4,000. Suppose Counselors of Griffin sold the equipment for $18,000 on December 31, 2018, after using the equipment for two full years. Assume depreciation for 2018 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)

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