Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

eBook Show Me How Print Item Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $97.990 has an estimated

image text in transcribed
image text in transcribed
eBook Show Me How Print Item Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $97.990 has an estimated useful life of 12 years, has an estimated residual value of $7,750, and is depreciated by the a. What was the book value of the equipment at December 31 the end of the fourth year? 60,390 X Feedback Check My World Book value is the initial cost of the fixed asset minus the accumulated depreciation b. Assume that the equipment was sold on April 1 of the fifth year for $60,990. 1. Journalize the entry to record depredation for the three months until the sale date. If an amount box does not require an entry, leave it blank Round your answe Depreciation Expense Equipment 2.502 X Accumulated Depreciation Equipment 2.507 X CNC My Wor The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold, be recognized each year, 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry leave it blank. Do not round Intermediate calculations Cash 60.990 Accumulated Depreciation Equipment 62,697 X Loss on Sale of Equipment Equipment 99.990 wa Check My Work 2 more Check My Work to remaining gewicht ce masin WardrottOne ok Sisow Me How Pion Entre for Sale foute sounds 92.910 imated 12 amato 2.250, and is deprecated by the write method Wit was the the equipment December that the former 60,390 X ww Back to the cost od in che comulted depreciation me the equipment sold on April 1 of the year for 10 000 1. Je to try to recorded for the three month the sale de not box does not requirente.lv bank. Mund you to the nearest whole daarif require Depreciation Expense Etuipment 2.50 x Acumulated Depreciation Equipment 2.50 x MD The degretion count of the fixed ting sold orded ads to end to let them of in the year it is being discardedo old the straight line method of one becogitech 2. nie the try to record the sale of the went amount box does not an art blank. Det und Intermediate calculations cach . Accumulated Depreciation Equipment 297 X Loskonale wpinent Equipment . YM

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Night Comes To The Cumberlands A Biography Of A Depressed Area

Authors: Harry M. Caudill

1st Edition

1334682070, 978-1334682070

More Books

Students also viewed these Accounting questions

Question

Sell the quality of your brand or products.

Answered: 1 week ago