A v2.cengagenow.com Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $128,850 has an estimated useful life of 13 years, has an estimated residual value of $9,900, 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? 24 b. Assume that the equipment was sold on April 1 of the fifth year for $84,147. 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. 88 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. heck My Work ( Previous Next All work saved. Save and Exit Submit Assignment for Grading
A v2.cengagenow.com Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $128,850 has an estimated useful life of 13 years, has an estimated residual value of $9,900, 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? 24 b. Assume that the equipment was sold on April 1 of the fifth year for $84,147. 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. 88 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. heck My Work ( Previous Next All work saved. Save and Exit Submit Assignment for Grading
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 71BPSB: Depreciation Schedules Dunn Corporation acquired a new depreciable asset for $135,000. The asset has...
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