Equipment was acquired at the beginning of the year at a cost of $587,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $47,305. 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 $100,097. Round your answer to the nearest cent. Enter your answer as a positive amount. Feedback 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.

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $49,470. 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(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $106,489. Round your answer to the nearest cent and enter 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

Computer equipment was acquired at the beginning of the year at a cost of $71,900. It had an estimated residual value of $4,500 and an estimated useful life of five years. Determine the (a) depreciable cost, (b) straight-line rate, and (c) annual straight-line depreciation. a.  Depreciable cost $   b.  Straight-line rate   % c.  Annual straight-line depreciation $

A truck acquired at a cost of $195,000 has an estimated residual value of $9,000, has an estimated useful life of 62,000 miles, and was driven 6,200 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The Depreciable Cost $fill in the blank 1   (b) The Depreciation Rate $fill in the blank 2 per mile (c) The Units-of-activity Depreciation for the Year $fill in the blank 3

On August 3, Cinco Construction purchased special-purpose equipment at a cost of $9,900,000. The useful life of the equipment was estimated to be eight years, with an estimated residual value of $20,000.   a. Compute the depreciation expense to be recognized each calendar year for financial reporting purposes under the straight-line depreciation method (half-year convention). b. Compute the depreciation expense to be recognized each calendar year for financial reporting purposes under the 200 percent declining-balance method (half-year convention) with a switch to straight-line when it will maximize depreciation expense. c. Which of these two depreciation methods (straight-line or double-declining-balance) results in the highest net income for financial reporting purposes during the first two years of the equipment’s use?

Computer equipment was acquired at the beginning of the year at a cost of $57,500 that has an estimated residual value of $3,500 and an estimated useful life of 5 years. a. Determine the depreciable cost.fill in the blank 1 of 1$ b. Determine the double-declining-balance rate.fill in the blank 1 of 1 % c. Determine the double-declining-balance depreciation for the first year.fill in the blank 1 of 1$

An equipment asset was purchased on 1 January for $30,000 with an estimated residual value of $6,000 at the end of its useful life. For each financial year (ending on 31 December), the depreciation expense is $3,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the latest financial year is $15,000. The remaining useful life of the equipment asset is: Select the one correct answer: O 10 years. 3 years. O 5 years. 8 years.

Keller Industries uses the straight-line depreciation method. One asset had been purchased for $6,000. Annual depreciation expense was $600. after considering residual value of $1,000. What was the approximate life of the asset? a. 5.0 years b. 8.3 years c. 9.5 years d. 10.2 years

A truck acquired at a cost of $195,000 has an estimated residual value of $11,250, has an estimated useful life of 35,000 miles, and was driven 2,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost     (b) The depreciation rate   per mile (c) The units-of-activity depreciation for the year

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $40,250. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $780. a.  What was the depreciation for the first year?$ ? b.  Assuming the equipment was sold at the end of year 2 for $9,300, determine the gain or loss on the sale of the equipment.$ ?     c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.