On July 1, Andrew Company purchased equipment at a cost of $150,000 that has a depreciable cost of $120,000 and an estimated useful life of 3 years or 60,000 hours. a.  Using straight-line depreciation, prepare the journal entry to record depreciation expense for the first year ending December 31. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -   b.  Using straight-line depreciation, prepare the journal entry to record depreciation expense for the second year ending December 31. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -   c.  Using straight-line depreciation, prepare the journal entry to record depreciation expense for the last year ending December 31. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -

Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $107,600, has an estimated useful life of 12 years, has an estimated residual value of $9,200, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ b. Assuming that the equipment was sold on April 1 of the fifth year for 67,585. 1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.

Instructions Chart of Accounts General Journal Instructions Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Required: Journalize the following entries: a. Record the depreciation for the one-half year prior to the sale, using the straight-line method. b. Record the sale of the equipment.* C. Assuming that the equipment had been sold for $25,000 cash, prepare the entry to record the sale.* *Refer to the Chart of Accounts for exact wording of account titles. Previous Next

Knife Edge Company purchased tool sharpening equipment on July 1, 20Y5, for $16,200. The equipment was expected to have a useful life of three years and a residual value of $900. Instructions: a.  Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7 and 20Y8 by the straight-line method.   Depreciation Expense 20Y5 $fill in the blank 1 20Y6 $fill in the blank 2 20Y7 $fill in the blank 3 20Y8 $fill in the blank 4 b.  Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7 and 20Y8 by the double-declining-balance method. Round the double-declining-balance depreciation rate to six decimal places and round your final answers to the nearest whole dollar.   Depreciation Expense 20Y5 $fill in the blank 5 20Y6 $fill in the blank 6 20Y7 $fill in the blank 7 20Y8 $fill in the blank 8

Instructions Equipment acquired on January 6 at a cost of $532,255, has an estimated useful life of 19 years and an estimated residual value of $60,010. A. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? B. What was the book value of the equipment on January 1 of Year 4? C. Assuming that the equipment was sold on January 3 of Year 4 for $441,935, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. D. Assuming that the equipment had been sold on January 3 of Year 4 for $473,200 instead of $441,935, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. A. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year 1 depreciation expense $ Year 2 depreciation expense Year 3 depreciation expense $ $ B. What was the book value of the equipment on January 1 of Year 4?…

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Partial-Year Depreciation Equipment acquired at a cost of $97,000 has an estimated residual value of $6,000 and an estimated usef life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 3 If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-li method. Depreciation Year 1 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double- declining-balance method. Depreciation Year 1 2$4 Year 2 eck My Work Previous Ne All work saved. Save and Exit Submit Assignment for

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

Partial-Year Depreciation Equipment acquired at a cost of $48,000 has an estimated residual value of $3,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a.  Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.   Depreciation Year 1 $fill in the blank 1 Year 2 $fill in the blank 2 b.  Determine the depreciation for the current fiscal year and the following fiscal year by the double-declining-balance method.   Depreciation Year 1 $fill in the blank 3 Year 2 $fill in the blank 4

Equipment acquired at a cost of $72,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a.  Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.   Depreciation Year 1 $  ______ Year 2 $  ______ b.  Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 $  ______ Year 2 $   ______