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On January 2 , Year 1, Clark Company purchased equipment costing $14,600, with an estimsted...

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Accounting

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On January 2 , Year 1, Clark Company purchased equipment costing $14,600, with an estimsted salvage value of $1,400 and an estimated useful life of 11 years. On December 31, Year 7, Clark Company scrapped the equipment. Required: Prepare the journal entry to record the scrapping of the asset. Note: Assume that Clark Company uses the straight-line depreciation method and that depreciation expense has already been recorded for the current year

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