Accounting 200A need help in B2 plz

12 me Long battery life y! cengage - Yahoo Search Result X CengageNOWv2 | Online teach x Open an eBook y b1. Assuming that the equipme x + C 0 v2.cengagenow.com HW Ch07 200A eBook Calculator Statement of Cash Flows Income Statement No effect V 0 Depreciation expense v b2. Assuming that the equipment was sold on July 1, 20Y8, for $268,500, illustrate the effects on the accounts and financial statement of the sale of the equipment. Balance Sheet Statement of Assets Liabilities Stockholders' Equity Income Cash Flows Statement Cash V + Equipment -Accumulated depreciation - equipment v No effect V Retained earnings July 1. O V Statement of Cash Flows Income Statement Investing V Loss on disposal of fixed Assets v Feedback Check My Work a. Book value is the asset cost minus the accumulated depreciation. b. Take the annual depreciation and adjust it for the partial year. Add this depreciation to the accumulated depreciation account. Increase Depreciation expense and increase accumulated depreciation for the partial year to update the records to the sale date. Compare the book value at the point of sale (cost minus accumulated depreciation) to the sale price. If the book value is less than the sale price, the asset was sold for a gain. If the book value is more than the sale price, the equipment was sold at a loss. Check My Work Previous Next Assignment Score: 85.74% All work saved . Email Instructor Save and Exit Submit Assignment for Grading Type here to search DENG 29120 HD . 1080 acer WART F4 F5 F6 F7 F9 F10 F11 F12 Prisc Pause Del Home Pg Up Pg Dn ESC F2 F3 Scr LK SysRq Break Ins Backspace 9 VA P WV Home K 4 S F G H Enter 4 Z X V B N M Shift Alt Gr Ctri DO