? Depreciation by two methods; sale of fixed asset

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 September $6,$ ?the equipment was sold for $$91,500.$

Required:

a$.$ ?Straight$-$line method

b$.$ ?Double$-$declining$-$balance method

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.

Depreciation by 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.

Journalize the entry to record the sale, assuming that the equipment was sold for $$78,600$ ?instead of $$91,500.$ ?If an amount box does not require an entry, leave it blank.Question Content Area

Depreciation by two methods; sale of fixed asset

New tire retreading equipment, acquired at a cost of $$625,000$ ?on September $1$ ?at the beginning of a fiscal year, has an estimated useful life of $5$ ?years and an estimated residual value of $$53,700.$ ?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 September $6,$ ?the equipment was sold for $$91,500.$

Required:

Question Content Area

$1.$ ? Determine the annual depreciation expense for each of the estimated $5$ ?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

Year Depreciation

Expense Accumulated Depreciation,

End of Year Book Value,

End of Year

$1$ ?fill in the blank $1$ ?of $15$$

fill in the blank $2$ ?of $15$$

fill in the blank $3$ ?of $15$$

$2$ ?fill in the blank $4$ ?of $15$$

fill in the blank $5$ ?of $15$$

fill in the blank $6$ ?of $15$$

$3$ ?fill in the blank $7$ ?of $15$$

fill in the blank $8$ ?of $15$$

fill in the blank $9$ ?of $15$$

$4$ ?fill in the blank $10$ ?of $15$$

fill in the blank $11$ ?of $15$$

fill in the blank $12$ ?of $15$$

$5$ ?fill in the blank $13$ ?of $15$$

fill in the blank $14$ ?of $15$$

fill in the blank $15$ ?of $15$$

b$.$ ? Double$-$declining$-$balance method

Year Depreciation

Expense Accumulated Depreciation,

End of Year Book Value,

End of Year

$1$ ?fill in the blank $1$ ?of $15$$

fill in the blank $2$ ?of $15$$

fill in the blank $3$ ?of $15$$

$2$ ?fill in the blank $4$ ?of $15$$

fill in the blank $5$ ?of $15$$

fill in the blank $6$ ?of $15$$

$3$ ?fill in the blank $7$ ?of $15$$

fill in the blank $8$ ?of $15$$

fill in the blank $9$ ?of $15$$

$4$ ?fill in the blank $10$ ?of $15$$

fill in the blank $11$ ?of $15$$

fill in the blank $12$ ?of $15$$

$5$ ?fill in the blank $13$ ?of $15$$

fill in the blank $14$ ?of $15$$

fill in the blank $15$ ?of $15$$

Question Content Area

$2.$ ? 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.

blankAccountDebitCredit

blank

Question Content Area

$3.$ ? Journalize the entry to record the sale, assuming that the equipment was sold for $$78,600$ ?instead of $$91,500.$ ?If an amount box does not require an entry, leave it blank.