On January 1, 2016, Minco Corporation purchased, for $100,000, equipment having a useful life of eight years and an esti

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answerhappygod
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On January 1, 2016, Minco Corporation purchased, for $100,000, equipment having a useful life of eight years and an esti

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On January 1, 2016, Minco Corporation purchased, for $100,000,
equipment having a useful life
of eight years and an estimated salvage value of $0. Minco has
recorded yearly depreciation of
the equipment on the straight-line method. On January 2, 2021, the
equipment was sold for
$30,000. Journalize the equipment sale at January 2, 2021.
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