Business, 22.04.2020 00:05 kumoichie

On January 1, 2018, Shehata Coffee Shop (SCS) acquired kitchen equipment for $31,800 cash. SCS estimated a $1,200 residual value and an estimated useful life of 4 years. SCS uses straight-line depreciation computed monthly. On July 1, 2021, the company sold the equipment for $5,700 cash.

Required:

a. Calculate the annual Depreciation Expense; show your work, 1.5 points
b. Provide the journal entry to record the sale, show your work, 6 points

Answers: 2

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On January 1, 2018, Shehata Coffee Shop (SCS) acquired kitchen equipment for $31,800 cash. SCS estim...

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