Equipment was acquired at the beginning of the year at a cost of $76,260. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500. a.  What was the depreciation expense for the first year? $fill in the blank 597a0106107104f_1 b.  Assuming the equipment was sold at the end of the second year for $57,600, determine the gain or loss on sale of the equipment. $fill in the blank 597a0106107104f_2    c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0".     fill in the blank b3d1de007fa207e_2 fill in the blank b3d1de007fa207e_3     fill in the blank b3d1de007fa207e_5 fill in the blank b3d1de007fa207e_6     fill in the blank b3d1de007fa207e_8 fill in the blank b3d1de007fa207e_9     fill in the blank b3d1de007fa207e_11 fill in the blank b3d1de007fa207e_12

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 3RE: Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not...
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Equipment was acquired at the beginning of the year at a cost of $76,260. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500.

a.  What was the depreciation expense for the first year?
$fill in the blank 597a0106107104f_1

b.  Assuming the equipment was sold at the end of the second year for $57,600, determine the gain or loss on sale of the equipment.
$fill in the blank 597a0106107104f_2   

c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0".

    fill in the blank b3d1de007fa207e_2 fill in the blank b3d1de007fa207e_3
    fill in the blank b3d1de007fa207e_5 fill in the blank b3d1de007fa207e_6
    fill in the blank b3d1de007fa207e_8 fill in the blank b3d1de007fa207e_9
    fill in the blank b3d1de007fa207e_11 fill in the blank b3d1de007fa207e_12
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