Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. Required: a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $59,486, determine the gain or loss on the sale of the equipment. c. Journalize the entry to record the sale.

Equipment was acquired at the beginning of the year at a cost of $75,720. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,920. Required: a.  What was the depreciation expense for the first year? b.  Assuming the equipment was sold at the end of the second year for $57,370, determine the gain or loss on sale of the equipment. c.  Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.     Chart of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Supplies 119 Prepaid Insurance 120 Land 121 Equipment 122 Accumulated Depreciation 132 Goodwill 133 Patents   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214…

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 $44,360. a. What was the depreciation for the first year? Round your answer to the nearest cent. 63,127 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 $102,987. Round your answer to the nearest cent and enter as a positive amount. $4,517 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.

Equipment was acquired at the beginning of the year at a cost of $77,580. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,620. a.  What was the depreciation expense for the first year? b.  Assuming the equipment was sold at the end of the second year for $58,600, determine the gain or loss on sale of the equipment. c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.   Debit  credit

Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,920. Required: (a)  What was the depreciation expense for the first year? (b)  Assuming the equipment was sold at the end of the second year for $59,486, determine the gain or loss on sale of the equipment. (c)  Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 121 Equipment 122 Accumulated Depreciation 132 Goodwill 133 Patents   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable…

Equipment was acquired at the beginning of the year at a cost of $79,140. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. a.  What was the depreciation expense for the first year?$ b.  Assuming the equipment was sold at the end of the second year for $59,800, determine the gain or loss on sale of the equipment.$ c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Equipment was acquired at the beginning of the year at a cost of $79,200. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,860. a. What was the depreciation expense for the first year? $ b. Assuming the equipment was sold at the end of the second year for $59,900, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Payable Accumulated Depreciation Cash Gain on Sale of Equipment Loss on Sale of Equipment

Equipment was acquired at the beginning of the year at a cost of $76,560. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,560. a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $57,800, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an ámount box does not require an entry, leave it blank or enter "0".

Equipment was acquired at the beginning of the year at a cost of $287,100. The equipment was depreciated using the straight-line method based on an estimated useful life of nine years and an estimated residual value of $27,000. a.  What was the depreciation for the first year?$fill in the blank b.  Assuming the equipment was sold at the end of the fifth year for $138,700, determine the gain or loss on the sale of the equipment. Enter your answer as a positive amount.$ fill in the blank     -      loss or gain   c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.       debit credit blank   Cash $ fill in blank $fill in blank     Accumulated Depreciation-Equipment $fill in blank $fill in blank     Loss on Sale of Equipment $fill in blank $fill in blank     equipment  $fill in blank $fill in blank

> Equipment was acquired at the beginning of the year at a cost of $77,880. 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? b. Assuming the equipment was sold at the end of the second year for $58,800, determine the gain or loss on the sale of the equipment. c. Journalize the entry for the sale. If an amount box does not require an entry, leave it blank. ?