Help please? Show Me HowE Calculatoronsent was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estinWhat was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year tothe nearestuholo dollarJournalAssuminJournalizC. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY123 Delivery Truck522 Depreciation Expense-Delivery Truck124 Accumulated Depreciation-Delivery Truck523 Delivery Expense125 Equipment524 Repairs and Maintenance Expense126 Accumulated Depreciation-Equipment529 Selling Expenses130 Mineral Rights531 Rent Expense131 Accumulated Depletion532 Depreciation Expense-Equipment132 Goodwill533 Depletion Expense - ricky.a.mann@stu xO Dashboard* CengageNOwv2 | Online teachirnment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator%=&inprogress=falseBook4Show Me HowA CalculatorSale of equipmentInstructions Chart of AccountsFirst QuestionsJournalInstructionsEquipment was acquired at the beginning of the year at a cost of $612,500. 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 $43,930.a. What wasdepreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year tothe nearest whole dollar.b. Assuming the equipment was sold at the end of the second year for $605,702, 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.123 Delivery Truck522 Depreciation Expense-Delivery Truck124 Accumulated Depreciation-Delivery Truck523 Delivery Expense125 Equipment524 Repairs and Maintenance Expense126 Accumulated Depreciation-Equipment529 Selling Expenses130 Mineral Rights531 Rent Expense

Double Declining balance of depreciation is an accelerated depreciation method that has higher…

a. What was the deareciation 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 $605,702, 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.

a. What was the deareciation 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 $605,702, 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.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter23: Flexible Budgeting (flexbud)

Section: Chapter Questions

Problem 6R

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