accounting 2

OB- EX 10-18 Disposal of fixed asset 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 17 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. Exercises tal current ties, $1,929,750 EX 11-1 Current liabilities OBJ. 1 Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20xx for $85 during 2018. These new subscribers will receive monthly issues, beginning in January gazine 20XX for $85 during December addition, the business had taxable income of SH40.000 during the first calendar quante es, beginning in January 20Y9. In est calendar quarter of 2019. The federal tax rate is 10. A quarterly tax payment will be made on April 12, Prepare the Current liabilities section of the balance sheet for Bon Nebo co. O 31, 2019. A How OR 1