Question

As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units ( recorded as Equipment ) that were 10 years old for $1,130 cash. The shelves originally cost $ 7,720 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $620

Help Save & Exit Check my Required information (The following information applies to the questions displayed below) As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,130 cash. The shelves originally cost $7,720 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $620. Complete the table below, indicating the account, amount, and direction of the effect on disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Stockholders Listies Assots

assets?

liabilities?

stockholders equity?

Answer 1

Asset	=	Liabilities	+	Stockholder Equity
Cash +$1130		Accumulated Depreciation -$7100		Gain on Sale : $510
Equipment -$7720