To help monitor your Business even you're out of the country doing Business meeting or some family vacation.
The item should be
reported as a prior period adjustment: On the 2014 statement of retained
earnings.
To add, depreciation<span> <span>is the process by which a company allocates an
asset's cost over the duration of its useful life. Every time a company
prepares its economic statements, it records a </span>depreciation expense<span> to
allocate a portion of the cost of the buildings, machines or equipment it has
purchased to the current fiscal year</span>.</span>
Answer:
$300
Explanation:
<u><em>From Equipment Account we get :</em></u>
Cost of Equipment Sold = $12,000 - $8,200 = $3,800
<u><em>From Accumulated Depreciation Account we get :</em></u>
Accumulated Depreciation = $2,200 + $1,200 - $2,700 = $700
<u><em>Using Amounts above to prepare a Disposal Account - Equipment we get :</em></u>
Cash Proceeds = $3,800 - $700 - $2,800 = $300
Conclusion
The selling price of the equipment $300
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