Accounting urgent

Foster Glass Company purchased a fax machine on July 1, 2007 for $1,800. The fax machine had an estimated useful life of three years and a salvage value of $300. Assume Foster uses the double-declining balance (DDB) depreciation method. Foster decided to replace its fax machine with a Bizhub on July 1, 2008, Eagle Outfitters offered to buy the used fax machine from Foster for $1,000 (proceeds received upon purchase). Record on Foster’s books the July 1, 2008 journal entry detailing the sale of the fax machine to Eagle.

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