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 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
Topic Video
Question
Transcribed Image Text:Disposal of fixed asset
Instructions
Chart of Accounts
First Questions
Journal
Instructions
First Questions
X Journal
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 year
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
$
JOURNAL
depreciation for the Years 1-3 using the
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?
2
depreciation
c. Assuming that the equipment was sold
expense
3
on January 3 of Year 4 for $379,920,
Year 3
2$
4
journalize the entry to record the sale.
depreciation
Refer to the Chart of Accounts for exact
expense
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
Refer to the Chart of Accounts for exact
JOURNAL
wording of account titles.
ACCOUNTING FOLUATION.
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education