On January 1,2016,a company disposed of equipment for $16,200 cash that had cost $35,000,a salvage value of $5,000,and a useful life 10 years.The double-declining-balance depreciation method was used.On December 31,2015,accumulated depreciation was $20,664.Prepare a journal entry to record the disposal of the equipment.

Double-Declining-Balance

An accelerated depreciation technique that applies twice the depreciation rate of straight-line depreciation to hasten the reduction in an asset's recorded value.

Salvage Value

The estimated residual value of an asset after its useful life has ended, used in calculating depreciation.

Useful Life

The estimated period over which an asset is expected to be usable by an entity, contributing to its cash flows.