Question

on june 15, 2024, custom furniture discarded equipment that had a cost of $26,000, a residual value of $0, and was fully depreciated. journalize the disposal of the equipment. (record debits first, then credits. select the explanation on the last line of the journal entry table.)

Explanation:

When an asset is fully depreciated and discarded, we remove the asset's cost and accumulated depreciation from the books. The accumulated depreciation equals the asset's cost since it's fully depreciated.

Answer:

Date	Accounts and Explanation	Debit	Credit
	Equipment		$26,000
	(To record disposal of fully - depreciated equipment)