Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $455,400 has an estimated useful life of 10 years and an estimated residual value of $59,400. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $fill in the blank f1b9f00b5045034_1 Year 2 $fill in the blank f1b9f00b5045034_2 Year 3 $fill in the blank f1b9f00b5045034_3 b. What was the book value of the equipment on January 1 of Year 4? $fill in the blank f1b9f00b5045034_4 c. Assuming that the equipment was sold on January 3 of Year 4 for $319,800, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 fill in the blank ba2b40ff4fcafe9_2 fill in the blank ba2b40ff4fcafe9_3 fill in the blank ba2b40ff4fcafe9_5 fill in the blank ba2b40ff4fcafe9_6 fill in the blank ba2b40ff4fcafe9_8 fill in the blank ba2b40ff4fcafe9_9 fill in the blank ba2b40ff4fcafe9_11 fill in the blank ba2b40ff4fcafe9_12 d. Assuming that the equipment had been sold on January 3 of Year 4 for $343,300 instead of $319,800, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 fill in the blank 45175efad01dff1_2 fill in the blank 45175efad01dff1_3 fill in the blank 45175efad01dff1_5 fill in the blank 45175efad01dff1_6 fill in the blank 45175efad01dff1_8 fill in the blank 45175efad01dff1_9 fill in the blank 45175efad01dff1_11 fill in the blank 45175efad01dff1_12
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $455,400 has an estimated useful life of 10 years and an estimated residual value of $59,400. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $fill in the blank f1b9f00b5045034_1 Year 2 $fill in the blank f1b9f00b5045034_2 Year 3 $fill in the blank f1b9f00b5045034_3 b. What was the book value of the equipment on January 1 of Year 4? $fill in the blank f1b9f00b5045034_4 c. Assuming that the equipment was sold on January 3 of Year 4 for $319,800, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 fill in the blank ba2b40ff4fcafe9_2 fill in the blank ba2b40ff4fcafe9_3 fill in the blank ba2b40ff4fcafe9_5 fill in the blank ba2b40ff4fcafe9_6 fill in the blank ba2b40ff4fcafe9_8 fill in the blank ba2b40ff4fcafe9_9 fill in the blank ba2b40ff4fcafe9_11 fill in the blank ba2b40ff4fcafe9_12 d. Assuming that the equipment had been sold on January 3 of Year 4 for $343,300 instead of $319,800, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 fill in the blank 45175efad01dff1_2 fill in the blank 45175efad01dff1_3 fill in the blank 45175efad01dff1_5 fill in the blank 45175efad01dff1_6 fill in the blank 45175efad01dff1_8 fill in the blank 45175efad01dff1_9 fill in the blank 45175efad01dff1_11 fill in the blank 45175efad01dff1_12
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Disposal of Fixed Asset
Equipment acquired on January 6 at a cost of $455,400 has an estimated useful life of 10 years and an estimated residual value of $59,400.
a. What was the annual amount of
| Year | Depreciation Expense |
| Year 1 | $fill in the blank f1b9f00b5045034_1 |
| Year 2 | $fill in the blank f1b9f00b5045034_2 |
| Year 3 | $fill in the blank f1b9f00b5045034_3 |
b. What was the book value of the equipment on January 1 of Year 4?
$fill in the blank f1b9f00b5045034_4
c. Assuming that the equipment was sold on January 3 of Year 4 for $319,800,
| Jan. 3 | fill in the blank ba2b40ff4fcafe9_2 | fill in the blank ba2b40ff4fcafe9_3 | |
| fill in the blank ba2b40ff4fcafe9_5 | fill in the blank ba2b40ff4fcafe9_6 | ||
| fill in the blank ba2b40ff4fcafe9_8 | fill in the blank ba2b40ff4fcafe9_9 | ||
| fill in the blank ba2b40ff4fcafe9_11 | fill in the blank ba2b40ff4fcafe9_12 |
d. Assuming that the equipment had been sold on January 3 of Year 4 for $343,300 instead of $319,800, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
| Jan. 3 | fill in the blank 45175efad01dff1_2 | fill in the blank 45175efad01dff1_3 | |
| fill in the blank 45175efad01dff1_5 | fill in the blank 45175efad01dff1_6 | ||
| fill in the blank 45175efad01dff1_8 | fill in the blank 45175efad01dff1_9 | ||
| fill in the blank 45175efad01dff1_11 | fill in the blank 45175efad01dff1_12 |
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