FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Equipment was acquired at the beginning of the year at a cost of $76,260. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500.

a.  What was the depreciation expense for the first year?
$fill in the blank 597a0106107104f_1

b.  Assuming the equipment was sold at the end of the second year for $57,600, determine the gain or loss on sale of the equipment.
$fill in the blank 597a0106107104f_2   

c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0".

    fill in the blank b3d1de007fa207e_2 fill in the blank b3d1de007fa207e_3
    fill in the blank b3d1de007fa207e_5 fill in the blank b3d1de007fa207e_6
    fill in the blank b3d1de007fa207e_8 fill in the blank b3d1de007fa207e_9
    fill in the blank b3d1de007fa207e_11 fill in the blank b3d1de007fa207e_12
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