Entries for Sale of Fixed Asset

Equipment acquired on January $8$ at a cost of $$170,530$ has an estimated useful life of $18$ years, has an estimated residual value of $$9,250,$ 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?

$5$

b$.$ Assume that the equipment was sold on April $1$ of the fifth year for $$125,740.$

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.Learning Objective $1$

Learning Objective $2$

Quanty

Mar. $20$ Replaced the transmission at a cost of $$3,835.$

June $11$ Paid $$840$ for installation of a hydraulic lift.

Nov. $30$ Paid $$44$ to change the oil and air filter.

Prepare journal entries for each expenditure. If an amount box does not require an entry, leave it blank.

Mar. $20$

June $11$

Nov, $30.$