Equipment acquired on January 8 at a cost of 160,520$ has an estimated useful life of 16 years has an estimated residual value of $9000 and is depreciated by the straight line method. A) what was the book value of the equipment and December 31 the end of the fourth year? B) Assume that the equipment was sold on April 1 and the fifth year for 115,232$. B.1) generalize the entry to record depreciation for three months into the sell date in a man box does not require an entry leave a blank. Round your answer is the nearest whole dollar if required. B.2) Generalize the entry to record the sell of the equipment. If an amount box does not require an entry leave a blank do not round the intermediate calculations.

Machinery was purchased on January 1 for $86,240. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year (rounded to the nearest dollar) would be: Oa. $17,100 Ob. $16,600 Oc. $18,600 Od. $17,600

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.

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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 ✔ ✔   ✔…

An asset was purchased for $112,000 on January 1, Year 1 and originally estimated to have a useful life of 11 years with a residual value of $10,000. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $3,000. Calculate the third-year depreciation expense using the revised amounts and straight-line method. a.$22,613.64 b.$23,113.64 c.$23,613.64 d.$21,613.64

Records show the following information for a plant asset purchased on October 1 of Year 1. Cost $ 330,000 Salvage Value $ 39,000 Purchase Date October 1 Useful Life 6 years Calculate depreciation expense for Year 1 and Year 2 for the year ended December 31. Depreciation expense for Year 1 for the year ended December 31 Depreciation Method Straight-line Depreciation expense for Year 2 for the year ended December 31

Instructions Equipment acquired on January 8 at a cost of $137,550 has an estimated useful life of 16 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fifth year? b. Assuming that the equipment was sold on April 1 of the sixth year for $90,510, journalize the entries to record (1) depreciation for the 3 months until the sale date and (2) the sale of the equipment.

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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $650,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $41,810. 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 or loss on the sale of the equipment, assuming it was sold at the end of year eight for $103,467. Round your answer to the nearest cent. Enter your answer 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. Cash / Accumulated Depreciation-Equipment / Loss on Sale of Equipment / Equipment 000 000