Nfinity corporation purchased equipment with a 10-year useful life and zero residual value for $10,000. at the end of the fifth year, the equipment is sold for $6,000. the entry to record this sale will include assume the straight-line depreciation method is used. (select all that apply.)

Gain on Sale till end of 5th year = 1,000$

Cash Debit = 6,000$

Equipment Credit = 5000$

PS: Assuming that depreciation entries are being adjusted on annual basis.

Explanation:

Given Data:

Depreciation Duration = 10 Years

Purchasing Cost = 10,000$

Salvage Value = Zero = 0

Selling Price = 6,000$

Calculation:

Depreciation amount for 10 years  = Purchasing cost - salvage value

Depreciation amount for 10 years  = 10,000 - 0

Depreciation amount for 10 years  = 10,000

Annual Depreciation amount = 10,000 / 10 = 1,000$

Depreciation till the end of 5th year = 1,000 * 5

Depreciation till the end of 5th year = 5,000$

Selling Price = 6,000$

Gain on Sale till end of 5th year = Selling Price - (Purchasing - Depreciation amount till end of 5th year)

Gain on Sale till end of 5th year = 6,000 - (10,000 - 5,000)

Gain on Sale till end of 5th year = 6,000 - 1,000

Gain on Sale till end of 5th year = 1,000$

Cash Debit = 6,000$

Equipment Credit = 5,000$ (Assumed depreciation entries are being adjusted on annual basis)

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