Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000.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 $300,000, journalize the entry to record the sale.d. Assuming that the equipment had been sold on January 3 of Year 4 for $325,000 instead of $300,000, journalize the entry to record the sale.

An asset was purchased for $112,000 on January 1, Year 1 and originally estimated to have a useful life of 11 years with a residual value of $10,000. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $3,000. Calculate the third-year depreciation expense using the revised amounts and straight-line method. a.$22,613.64 b.$23,113.64 c.$23,613.64 d.$21,613.64

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $145,100, has an estimated useful life of 15 years, has an estimated residual value of $9,800, 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? $ 9,020 X Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for 100,745. 1. Journalize the entry to record depreciation for the three months until the salle date. Round your answers to the nerest whole dollar if required. The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold. The straight-line method of depreciation calculates the amount of depreciation to be recognized each year. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an…

Records show the following information for a plant asset purchased on October 1 of Year 1. Cost $ 330,000 Salvage Value $ 39,000 Purchase Date October 1 Useful Life 6 years Calculate depreciation expense for Year 1 and Year 2 for the year ended December 31. Depreciation expense for Year 1 for the year ended December 31 Depreciation Method Straight-line Depreciation expense for Year 2 for the year ended December 31