Equipment was acquired at the beginning of the year at a cost of $575,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $49,960. 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 $100,828. Round your answer to the nearest cent. Enter your answer as a positive amount. Loss Feedback Check My Work 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. EE Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment

Q: None

A: Minimum cardinality is the minimum number of entity instances that must participate in a…

Q: Bnmm

A: Accounting system refers to the set of the processes of accounting which is integrated with the…

Q: What is Reg D?

A: Regulation D (Reg D): It may be a Securities and Exchange Commission (SEC) law confining exceptions…

Q: Explain unified sentences with examples

A: The sentences that a presenter or writer prepares to define the unity of decisions are said to be…

Q: how does it became an over applied OH? how will you know that it is under or over applied OH?

A: Lets understand the basics. When applied overhead is more than actual overhead then it is known as…

Q: Which of the following can be used to link two tables together? Select one: a. Primary Key b.…

A: Foreign key is a column or group of columns in a relational database table that provides a link…

Q: can you also explain what part is a. b. and c. please

A: A budget is an estimate of amount which is prepared by the management for various planning and…

Q: Define and expain

A: Detailed Explanation of Nursing1. Patient Care:Direct Care: Nurses provide hands-on care to…

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: explain what is meant by overtrading and identify the syptoms that you would look for to determine…

A: Over-trading is a situation where a company does more business in terms of excessive buying and…

Q: What are ADRs?

A: Answer: An American depositary receipt (ADR) is a negotiable asset that denotes a non-US company…

Q: For what reasons is the NPV technique preferable to IRR?

A: The Net Present Value (NPV) technique is a financial evaluation method used to assess the…

Q: Natarajan, Inc. had the following operating segments, with the in Segment Expenses $ 650,000…

A: We must contrast the segment revenues with the sum of the revenues of all other segments in order to…

Q: mni.4 answer must be in proper format or i will give down vote

A: Approach to solving the question: post the question  Detailed explanation: Post the question and the…

Q: incorfrect please redo with a accurate answer

A: Molding FabricationMachine Hours $      2,500.00 $      1,500.00Fixed Manufacturing Overhead cost  $…

Q: detail "duditing End What statement Değine duuliting and abat the salement stagts in where…

A: All the transactions will be recorded in the journal book in a chronological manner. It is the first…

Q: What is the meaning of V MFG Ohs, V S&A Ohs, F MFG Ohs snd F S&A Ohs on the chat answer

A: V MFG Ohs, V S&A Ohs, F MFG Ohs and F S&A Ohs, these are the short form some of the titles…

Q: What is the after announcment?  This is from question a.

A: Debt Value = $2,700,000Current Debt-to-equity ratio = 30%Increased Debt-to-equity ratio = 50%EBIT =…

Q: don't provide AI written solution.

A: IntroductionIn the realm of capital budgeting, both Net Present Value (NPV) and Internal Rate of…

Q: What does the blank section post mean or what goes there

A: Post Column : It is the Column through which book keeper identify whether journal entries are…

Q: What would the entry be for the letter H.?

A:

Q: hat is APY

A: In interest there is compounding and other is simple interest. In the compouding there is interest…

Q: answer is incorrect, pls recheck

A: Statement of Comprehensive Income: Comprehensive income is a measure of the changes in owners'…

Q: Different ___________ are separated by definite visibleboundaries

A: The answer is provided as follows:

Q: 7. The ultimate control of the corporation rests with the board of directors.

A: Introduction:- Board of directors:- Board of directors play vital role in every organization for…

Q: Difference between the edit, short, and update run

A:

Q: Prepare the entry for the issuance under the following assumptions. (List all debit entries before…

A: The journal entries are prepared to record the transactions on regular basis. The cash received in…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: can you double check the 2a and 2b it shows to as not correct

A: Average level of inventory is reduced by $ 300,000, It only have effect on operating assets of the…

Q: What is the IRR?

A: IRR is the rate at which NPV of the Project is Zero. .

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.