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can you please help me. Asset oposal Assume that Chee...

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Accounting

can you please help me.
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Asset oposal Assume that Chee inc. purchased an asset on January 1, 2015, for $60,000. The ansthad an estimated life of six years and an estimated residual value of 56,000. The company used the straight-line method to depreciate the asset. Assume that Chee ine sold the aiset on July 1, 2017, and received 517,000 cash and a note for an additional $13,000 Required: 1. Identity and analyze the effect of the transaction for depreciation for 2017 Activity Operating Accounts Depreciation Espenso Increase. Accumulated Depreciation Asset Increase Statement(s) Balance Sheet and Income Statement How does this entry affect the accounting equation? If a financial statement itemis not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, t., a decrease, be sure to enter the answer with a minus sign. Remember if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item Balance Sheet Income Statement Stockholders Liabilities Equity Revenues

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