Supplies 1,400 f. Equipment was purchased on January 1 of this year at a cost of $60,000. The equipment's useful life is five years. There is no residual value. Record depreciation for this vear and then determine the equipment's book value Journal Entry Accounts Debit Credit Depreciation Expense-Equipment Accumulated Depreciation-Equipment 60.000 f. 60,000 (? Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining Clear All Check Answer 11:17 PM P Type here to search 9/14/2020 insert esc & #3 %24 backspace 8. Q tab Jock G. K pause NE M. alt ctri alt 1.

Machinery was purchased on January 1 for $86,240. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year (rounded to the nearest dollar) would be: Oa. $17,100 Ob. $16,600 Oc. $18,600 Od. $17,600

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $102,350 has an estimated useful life of 12 years, has an estimated residual value of $8,750, 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. Assume that the equipment was sold on April 1 of the fifth year for $64,175. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest 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.

Equipment acquired on January 2, Year 1, at a cost of $525,000 has an estimated useful life of eight years and an estimated residual value of $45,000. Required: 1.  What is the annual amount of depreciation for the first three years, assuming the straight-line method of depreciation is used?   Depreciation Expense Year 1 $fill in the blank 3b987ff9206ffcf_1 Year 2 $fill in the blank 3b987ff9206ffcf_2 Year 3 $fill in the blank 3b987ff9206ffcf_3 2.  What is the book value of the equipment on January 1, Year 4?$fill in the blank 3b987ff9206ffcf_4   3.  Assuming that the equipment is sold on January 2, Year 4, for $326,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.     Cash Cash     Accumulated Depreciation-Equipment Accumulated Depreciation-Equipment     Loss on Sale of Equipment Loss on Sale of Equipment     Equipment Equipment   4.  Assuming that the equipment is sold on…