ABC Company has office furniture that cost $40,000, an estimated life of 10 years and a $4,000 salvage value. …

ABC Company has office furniture that cost $40,000, an estimated life of 10 years and a $4,000 salvage value. As of January 1, 2010, accumulated depreciation on the furniture amounts to $30,600. The straight line depreciation method is used. On April 1, 2010, ABC sold the furniture for $9,000.

A) April 1, 2010 – entry to record depreciation for current year
B) Calculate the gain or loss
C) Journalize the entry to record the sale

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