Instructions Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,785. a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. c. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 2 3 c. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles 4 DATE Dec. 31 Cash DESCRIPTION Accumulated Depreciation-Equipment Gain on Sale of Equipment Equipment X JOURNAL First Questions a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. $ b. Assuming the equipment was sold at the end of the second year for $557,317, determine the gain or loss on the sale of the equipment. $217,020 gain POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS PAGE 1 LIABILITIES X EQUITY X Chart of Accounts 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventor 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Deprecia Delivery Truck 125 Equipment 126 Accumulated Deprecia Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable

Computer equipment was acquired at the beginning of the year at a cost of $62,544 that has an estimated residual value of $3,039 and an estimated useful life of 5 years. Determine the second-year depreciation using the straight-line method.

Equipment was acquired at the beginning of the year at a cost of $625,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,635. a.  What was the depreciation for the first year? Round your answer to the nearest cent.$ 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 $105,608. Round your answer to the nearest cent and enter as a positive amount.$ 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

Dengar

Equipment with a cost of $446,900 has an estimated residual value of $51,400, has an estimated useful life of 35 years, and is depreciated by the straight-line method.   a. Determine the amount of the annual depreciation. b. Determine the book value at the end of the 20 full years of use. c.  Assuming that at the start of the year 21 the remaining life is estimated to be 22 years and the residual value is estimated to be $53,700, determine the depreciation expense for each of the remaining 22 years.

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

answer correct step by step with all work

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.

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $45,805. 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 $94,863. Round your answer to the nearest cent. Enter your answer as a positive amount. 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