Equipment acquired on January 6 at a cost of C. Assuming that the equipment was sold on January 3 of Year 4 for $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of $459,240 has an estimated useful life of 19 vear a. What was the annual amount of depreciation for account titles. and an estimated residual value of $62,805. the Years 1-3 using the straight-line method of depreciation? PAGE 1 a. What was the annual amount of Year 1 depreciation for the Years 1-3 using the JOURNAL depreciation ACCOUNTING FOUATION straight-line method of depreciation? DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY expense b. What was the book value of the 1 Year 2 equipment on January 1 of Year 4? depreciation c. Assuming that the equipment was sold expense on January 3 of Year 4 for $379,920, Year 3 journalize the entry to record the sale. depreciation Refer to the Chart of Accounts for exact еxpense wording of account titles. d. Assuming that the equipment had been d. Assuming that the equipment had been sold on January 3 of Year 4 for $410,485 instead of $379,920, journalize the entry to record the sale. Refer to the Chart of b. What was the book value of the equipment on sold on January 3 of Year 4 for Accounts for exact wording of account titles. January 1 of Year 4? $ $410,485 instead of $379,920, journalize the entry to record the sale. PAGE 1

Equipment was acquired at the beginning of the year at a cost of $625,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,635. a.  What was the depreciation for the first year? Round your answer to the nearest cent.$ b.  Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $105,608. Round your answer to the nearest cent and enter as a positive amount.$ Loss    c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent

If a fixed asset, such as a computer, was purchased on January 1 for $3,750 with an estimated life of 3 years and a salvage or residual value of $150, the journal entry for the monthly expense under straight-line depreciation is a. Depreciation Expense 100 Accumulated Depreciation 1,200 Accumulated Depreciation 1,200 100 b. Depreciation Expense 1,200 c. Accumulated Depreciation Depreciation Expense d. Accumulated Depreciation Depreciation Expense 1,200 100 100 O D O A

Disposition of Assets: Journalizing Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Motor #12, which had a cost of $2,800 and accumulated depreciation of Jan. 1 $2,800, was discarded. Motor #8, which had a cost of $4,400 and accumulated depreciation of $4,000, 8 was sold for $200. Motor #16, which had a cost of $5,600 and accumulated depreciation of 14 $5,400, was sold for $450. 2. Assets exchanged or traded in: Feb. 1 Motor #6, which had a cost of $6,000 and accumulated depreciation of $4,800, was traded in for a new motor (#22) with a fair market value of $7,000. The old motor and $5,600 in cash were given for the new motor. ° Motor #9, which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500. The old motor and $6,200 in cash were given for the new motor. Required: Prepare general journal entries for the transactions. Page: 1 DOC. POST NO. REF.…