Question
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $167,620 has an estimated useful life of 17 years, has
Entries for Sale of Fixed Asset
Equipment acquired on January 8 at a cost of $167,620 has an estimated useful life of 17 years, has an estimated residual value of $7,650, and is depreciated by the straight-line method.
a. What was the book value of the equipment at December 31 the end of the fourth year? $fill in the blank d41be9029fb3f8d_1
b. Assume that the equipment was sold on April 1 of the fifth year for $121,697.
1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required.
fill in the blank fd14a6f9e06d056_2 | fill in the blank fd14a6f9e06d056_3 | ||
fill in the blank fd14a6f9e06d056_5 | fill in the blank fd14a6f9e06d056_6 |
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.
fill in the blank c4037e04a00affe_2 | fill in the blank c4037e04a00affe_3 | ||
fill in the blank c4037e04a00affe_5 | fill in the blank c4037e04a00affe_6 | ||
fill in the blank c4037e04a00affe_8 | fill in the blank c4037e04a00affe_9 | ||
fill in the blank c4037e04a00affe_11 | fill in the blank c4037e04a00affe_12 |
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