Disposal of fixed asset

Equipment acquired on January $6$ at a cost of $$345,000$ has an estimated useful life of $10$ years and an estimated residual value of $$45,000.$

Question Content Area

a$.$ What was the annual amount of depreciation for Years $1-3$ using the straight$-$line method of depreciation?

Year Depreciation Expense

Year $1$ fill in the blank $1$ of $3$$

Year $2$ fill in the blank $2$ of $3$$

Year $3$ fill in the blank $3$ of $3$$

b$.$ What was the book value of the equipment on January $1$ of Year $4?$

fill in the blank $1$ of $1$$

Question Content Area

c$.$ Assuming that the equipment was sold on January $3$ of Year $4$ for $$242,300,$ journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

DateAccountDebitCredit

January $3$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

Question Content Area

d$.$ Assuming that the equipment had been sold on January $3$ of Year $4$ for $$260,100$ instead of $$242,300,$ journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

DateAccountDebitCredit

January $3$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

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