Equipment acquired on January 6 at a cost of $417,390 has an estimated useful life of 17 years and an estimated residual value of $68,805. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 4? c. Assuming that the equipment was sold on January 3 of Year 4 for $339,855, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. d. Assuming that the equipment had been sold on January 3 of Year 4 for $368,885 instead of $339,855, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.

Computer equipment was acquired at the beginning of the year at a cost of $55,699.00. The computer equipment has an estimated residual value of $3,518.00 and an estimated useful life of 3 years. Determine the 2nd year's depreciation using straight-line depreciation. Select the correct answer. $19,739.00 $18,566.33 $17,393.67 $34,787.33

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 ✔ ✔   ✔…

Equipment with a cost of $148,767.00 has an estimated residual value of $8,167.00 and an estimated life of 7 years or 14,290 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,563 hours? Select the correct answer. $35,056.53 $20,085.71 $39.46 $7.00