Presented below is selected information related to StoneyBrook Inc., a bio-tech company. On January 1,...
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Accounting
Presented below is selected information related to StoneyBrook Inc., a bio-tech company.
On January 1, 2015, StoneyBrook purchased production equipment for $56,000. The delivery and installation costs necessary to place the asset in service on January 1, 2015 totaled $4,000. The salvage value is $0 and the estimated useful life is 3 years. On September 30, 2015, StoneyBrook sold the equipment for $50,000. How should StoneyBrook record the disposal of the storage facility?
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