Entries for sale of fixed asset Chart of Accounts First Question Journal Jou b. Assuming that the equipment was sold on April of the sixth year for $93,142, journalze the entries to record the following (refer to the Chart of Accounts for exact wording of account des): 1. Depreciation for the three months until the sale dale PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITICS EQUITY 1 Jetcom Equipment acquired on January 8 at a cost of $142.430 has an estimated useful life of 16 years, has an estimated residual value of $7,550, and is depreciated by the straight line metod a. What was the book value of the equipment at December 31 the end of the with year? b. Assuming that the equipment was sold on April 1 of the sixth year for $93,142, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment Refer to the Chart of Accounts for exact wording of account titles. tructions First Question a. What was the book value of the equipment at December 31 the end of the fifth year? $ Journal 2 The sale of the equipment Round your final answers to the nearest whole dollar PAGE 2 JOURNAL ACCOUNTING EQUATION DATE POST. REF. DEBIT DESCRIPTION LIARITIES CREDIT ASSETS EQUITY 1 2 1 CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Delivery Truck 114 Interest Receivable 621 Gain on Sale of Equipment 115 Notes Receivable 116 Merchandise Inventory EXPENSES 117 Supplies 510 Cost of Merchandise Sold 119 Prepaid Insurance 520 Salaries Expense hart of Accounts 116 Merchandise Inventory EXPENSES 117 Supplies 510 Cost of Merchandise Sold 119 Prepaid Insurance 520 Salaries Expense 120 Land 521 Advertising Expense 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 124 Accumulated Depreciation-Delivery Truck 523 Delivery Expense 125 Equipment 524 Repairs and Maintenance Expense 126 Accumulated Depreciation-Equipment 529 Selling Expenses 130 Mineral Rights 531 Rent Expense 131 Accumulated Depletion 132 Goodwill 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 133 Patents 535 Insurance Expense LIARILITIES 526. Sunnies Exnanco LIABILITIES 536 Supplies Expense 539 Miscellaneous Expense 210 Accounts Payable 211 Salaries Payable 710 Interest Expense 720 Loss on Sale of Delivery Truck 213 Sales Tax Payable 214 Interest Payable 721 Loss on Sale of Equipment 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends