Calculator Equipment acquired on January 2 Year 1, at a cost of $525,000 has an estimated seal life of eight years and an estimated residual value of $45.000 Required: 1. What is the annual amount of depreciation for the first three years, assuming the straighting method of depredation is used? Depreciation Expense Year 1 Year 2 Years 2. What is the book value of the equipment on lauary 1.43 3. Assuming that the equipment is sold on January 2 year for 26.000 journaliero recador does not require an entry leave it blank 4. Assuming that the equiments sold in January 2 Year 204.000 jourse the entry to record the sale at an amount box ones not require an entry leave it but DUS Tiet 1. What is the annual amount of depreciation for the first three years, assuming the straight-line method of depreciation is used Depreciation Expense Yeart Year 2 Year 1 2. What is the book value of the equipment on January 1 Year 42 3. Assuming that the equipment is sold on January 2, Year 4 for $125.000, journalize the entry to record the sale. If an amount box does not require af entry, leave it blank, 4. Assuming that the equipment is sold on January 2, Year 4 for $304,000. Journalize this entry to record the sale. If an amount box does not require entry leave it blank, Previous Next