Need help with this problem, would appreciate detail step by step instructions. Thank You
Attached is what I started not sure if correct.
PROBLEM # 2 LTB4-2:
The Overly Complex Company uses the composite method of depreciation on the following assets:
Asset A Asset B Asset C Asset D Asset E
Original Cost $56,700 $46,900 $50,400 $26,600 $32,900
Life (years) 5 6 7 8 9
Salvage Value $7,700 $6,700 $5,000 $2,100 $3,500
Asset B was sold for $22,000 cash after being used for 4 years.
Prepare the journal entry to record depreciation expense for the year.
Prepare the journal entry to record the sale of Asset B.© BrainMass Inc. brainmass.com March 4, 2021, 10:02 pm ad1c9bdddf
The solution explains the journal entry for depreciation and sale of asset.