Assets

Assignment Equipment was acquired on January 1, 2011, at acost of $12.000. The equipment was originally estimated to have a salvage value of $1.000 and an estimated life of 10 years. Depreciation has been recorded through to December 31.2014, using the straight-line method. On January 1.2015. the estimated salvage value was revised to $1.200 and the useful life was revised to a total of 8 years Required: Prepare the jounal entries required to record the Depreciation expense for 2015. ssignment Pinetrece Company purchased equipment in 2010 for $40.000 and estimated a $4.000 salvage value at the end of the equipment's 10-year useful life. On December 31. 2016 there was $25.200 in the Accumulated Depreciation account after eoding Depreciation for the year using the straight-line method. On March 1, 2017 the equipment was sold for $10.500 cash Required: Prepare the journal entries required to record the sale of the equipment by Johnson Company on March 1, 2017 ssignme Lansdowne Company exchanged an old equipment on Dee 31 (cost $40000 less s25.000 accumulated Depreciation) plus $2.500 cash for a new equipment. The old equipment had a market value of $13.000. Prepare the entry to record the exchange of assets by Lansdowne Company Reguired: Prepare the joumal entries required to record the sale of the equipment by Johnson March 1, 2012. Company on