Equipment acquired on January 8 at a cost of $139,100 has an estimated useful life of 16 years, has an estimated residual value of $8,700, 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? Feedback b. Assume that the equipment was sold on April 1 of the fifth year for $98,242. 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. 88 Depreciation Expense-Equipment v Accumulated Depreciation-Equipment v Feedback 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. Cash v Accumulated Depreciation-Equipment v Loss on Sale of Equipment v

Revision of depreciation Equipment with a cost of $354,400 has an estimated residual value of $40,800, has an estimated useful life of 32 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. 9,800 ✔ b. Determine the book value after 18 full years of use. $ 178,000 ✓ c. Assuming that at the start of the year 19 the remaining life is estimated to be 18 years and the residual value is estimated to be $34,000, determine the depreciation expense for each of the remaining 18 years.

Equipment acquired at a cost of $96,000 has an estimated residual value of $6,000 and an estimated useful life of 10 years. It was placed in service on May 1 of the current fiscal year, which ends on December 31. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Round your answers to the nearest dollar. Depreciation Year 1 S Year 2 $ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Depreciation Year 1 S Year 2 S

Partial-year depreciation Equipment acquired at a cost of $110,000 has an estimated residual value of $7,000 and an estimated useful life of 10 years. It was placed into service on May 1 of t current fiscal year, which ends on December 31. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Round your answers to the nearest dollar. Year 1 Year 2 Year 1 Depreciation Year 2 $ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Do not round the double-declin balance rate. Round your answers to the nearest dollar. Depreciation $ Incorrect $

Entries for Sale of Fixed Asset  Equipment acquired on January 8 at a cost of $107,330 has an estimated useful life of 12 years, has an estimated residual value of $7,850, and is depreciated by the straight-line method. a.  What was the book value of the equipment at December 31 the end of the fourth year?$fill in the blank  b.  Assume that the equipment was sold on April 1 of the fifth year for $65,642. 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.     - Select - - Select -     - Select - - Select -   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.     - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -

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If a fixed asset, such as a computer, were purchased on January 1st for $2,101.00 with an estimated life of 4 years and a salvage or residual value of $107.00, what is the journal entry for monthly expense under straight-line depreciation? Select the correct answer. A. Depreciation Expense$41.54 Accumulated Depreciation$41.54   B. Accumulated Depreciation$41.54 Depreciation Expense$41.54   C. Accumulated Depreciation$498.50 Depreciation Expense$498.50   D. Depreciation Expense$498.50 Accumulated Depreciation$498.50

Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $107,600, has an estimated useful life of 12 years, has an estimated residual value of $9,200, 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. Assuming that the equipment was sold on April 1 of the fifth year for 67,585. 1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest 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.

Disposal of fixed asset Equipment acquired on January 6 at a cost of $386,400 has an estimated useful life of 10 years and an estimated residual value of $50,400. a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 Year 2 Year 3 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 $271,300, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. January 3 d. Assuming that the equipment had been sold on January 3 of Year 4 for $291,300 instead of $271,300, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. January 3

Equipment acquired on January 8 at a cost of $150,800, has an estimated useful life of 15 years, has an estimated residual value of $8,900, 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? - Assuming that the equipment was sold on April 1 of the fifth year for 105,335. 1.  Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest 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.