Denciation by Twy Math Sale of Fine Art Newlithographic equipmen, squired cost $75.000 on March at the beginning of calma, estimated metal life of years and testined residual va of 575,300. The manager requested information ding the effect of Bernative methods on the of depreciation enth year. On the basis of the data de ta them, the double-declining balice method was selected In the first week of the finh year, on March 4, the equipment was sold for 5128.100 Required: 1. Determine the depreciation expense for each of the five years of the acumulated depreciate the end of each year, and the book value of the couments the end of each year by the following methods Straight linethod Year Depreciation Expense Accumulated Depreciation End of Year Book Value Kad of Year Depreciation Year E 1. Deste declinance method Year Accumulated Depreciation, End of Year Bao V End of Yes 2 1 5 1. Founale e ty te woond the sale, auming double-declining balance method is used in an ambos este my lewe Call Aermatted Deprecat Kit Gale Sale or Kult Amated Deprecat Wow Les un Sale abu Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $875,000 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $75,300. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double- declining balance method was selected. In the first week of the fifth year, on March 4, the equipment was sold for $128,100. Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by the following methods: a. Straight-line method Depreciation Accumulated Depreciation, Book Value, Year Expense End of Year End of Year 1 2 3 4 5 b. Double-declining balance method Depreciation Accumulated Depreciation, Year Expense End of Year I Book Value, End of Year 1 2 3 4 S 2. Journalize the entry to record the sale, assuming double-declining balance method is used. If an amount box does not require an entry, leave it blank. Cash Focl A I!! 31 AaBbceDdEe Aa8bccdee AaBbCcDc Accode AaBb Normal No Spacing Heading Heading 2 Title Depreciation by Two Methods, Sale of Fixed Asset New lithographic equipment, acquired at a cost of $875,000 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $75,300. The muper requested information regarding the effect of alternative methods on the amount of depreciation expense each yeur. On the basis of the data presented to the manager, the double-declining balance method was selected In the first week of the fifth year, on March 4, the equipment was sold for $128.100 Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by the following methods a. Straight-line method Depreciation Accumulated Depreciation, Book Value, Year Expense End of Year End of Year 1 2 3 4 5 1. Double-declining-balance method Depreciation Accumulated Depreciation, Book Value Year Expense End of Year End of Year 1 2 3 4 5 2. Journalize the entry to record the sale, assuming double-declining balance method is used If an amount box does not require an entry, leave it blank CA Accumulated Depreciation Equipment Equipment Gain on Sale of Equipment ed States) D Focus MOCE OOK ALS 80 200 000 00 DD DII HB FYD F3 Fd F6 de 20
