Puff Company purchased office equipment 5½ years ago for $190,000, with an estimated life of 8 years and a residual value of $5,000, is now sold. (Appropriate entries for depreciation had been made for the first 5 years of use.)
a. Journalize the depreciation for the one-half year prior to the sale, using the straight-line method.
b. Journalize the sale of the equipment, assuming it is sold for $70,000 cash.
c. Journalize the sale of the equipment, assuming it is sold for $25,000 cash.