The initial installed cost for a new piece of equipment is $10,000, and its scrap value at the end of its useful life is estimated to be $2000. The useful life is estimated to be 10 years. After the equipment has been in use for 4 years, it is sold for $7000.
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Equipment a/c
To Bank of $10000. By Depreciation $3200
(4 years Dep)
By Bank. $6800
To Bank of $10000. By Depreciation $3200
(4 years Dep)
By Bank. $6800
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