Equipment acquired at a cost of $90,000 has an estimated residual value of $5,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 Year 2 8,500 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $102,350 has an estimated useful life of 12 years, has an estimated residual value of $8,750, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assume that the equipment was sold on April 1 of the fifth year for $64,175. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.

Equipment acquired on January 2, Year 1, at a cost of $525,000 has an estimated useful life of eight years and an estimated residual value of $45,000. Required: 1.  What is the annual amount of depreciation for the first three years, assuming the straight-line method of depreciation is used?   Depreciation Expense Year 1 $fill in the blank 3b987ff9206ffcf_1 Year 2 $fill in the blank 3b987ff9206ffcf_2 Year 3 $fill in the blank 3b987ff9206ffcf_3 2.  What is the book value of the equipment on January 1, Year 4?$fill in the blank 3b987ff9206ffcf_4   3.  Assuming that the equipment is sold on January 2, Year 4, for $326,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.     Cash Cash     Accumulated Depreciation-Equipment Accumulated Depreciation-Equipment     Loss on Sale of Equipment Loss on Sale of Equipment     Equipment Equipment   4.  Assuming that the equipment is sold on…

Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $47,040. A. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. B. Assuming that the equipment was sold at the end of the second year for $532,597, determine the gain or loss on the sale of the equipment. C. Journalize the entry on Dec. 31 to record the sale. Refer to the Chart of Accounts for the exact wording of account titles. C. Journalize the entry on Dec. 31 to record the sale. Refer to the Chart of Accounts for the exact wording of account titles. How does grading work? PAGE 1   JOURNAL ACCOUNTING EQUATION Score: 45/49     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 ✔ ✔   ✔…