Entries for Sale of Fixed Asset

Equipment acquired on January 8 at a cost of $178,250 has an estimated useful life of 18 years, has an estimated residual value of $9,950, 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 3ccdde042046fe0_1

b. Assume that the equipment was sold on April 1 of the fifth year for $133,347.

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 40539e02af8e07d_2	fill in the blank 40539e02af8e07d_3
		fill in the blank 40539e02af8e07d_5	fill in the blank 40539e02af8e07d_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 460a98fc300702f_2	fill in the blank 460a98fc300702f_3
		fill in the blank 460a98fc300702f_5	fill in the blank 460a98fc300702f_6
		fill in the blank 460a98fc300702f_8	fill in the blank 460a98fc300702f_9
		fill in the blank 460a98fc300702f_11	fill in the blank 460a98fc300702f_12