Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $166,130 has an estimated useful life of 18 years, has an estimated residual value of $8,450, and is depreciated by the straight line method Question Content Area a What was the book value of the equipment at December 31 the end of the fourth year fill in the blank 1 of 1$ Feedback Area Feedback Book value is the initial cost of the fixed asset minus the accumulated depreciation Question Content Area b Assuming that the equipment was sold on April 1 of the fifth year for $122,140 1 Journalize the entry to record depreciation for the 3 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 blank Account Debit Credit blank Accounts PayableAccumulated Depreciation EquipmentCashDepreciation Expense EquipmentEquipmentDepreciation Expense Equipment Depreciation Expense Equipment Depreciation Expense Equipment Accounts PayableAccumulated Depreciation EquipmentCashDepreciation Expense EquipmentEquipmentAccumulated Depreciation Equipment Accumulated Depreciation Equipment Accumulated Depreciation Equipment Feedback Area Feedback Question Content Area 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 blank Account Debit Credit blank Accounts PayableCashDepreciation Expense EquipmentEquipmentGain on Sale of EquipmentCash Cash Cash Accounts PayableAccumulated Depreciation EquipmentDepreciation Expense EquipmentEquipmentGain on Sale of EquipmentAccumulated Depreciation Equipment Accumulated Depreciation Equipment Accumulated Depreciation Equipment Accounts ReceivableDepreciation Expense EquipmentDepreciation Payable EquipmentEquipmentLoss on Sale of EquipmentLoss on Sale of Equipment Loss on Sale of Equipment Loss on Sale of Equipment Accumulated Depreciation EquipmentEquipmentEquipment ExpenseGain on Sale of EquipmentLoss on Sale of EquipmentEquipment Equipment Equipment Feedback Area Feedback Feedback Area Feedback

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Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $166,130 has an estimated useful life of 18 years, has

Entries for sale of fixed asset

Equipment acquired on January 8 at a cost of $166,130 has an estimated useful life of 18 years, has an estimated residual value of $8,450, and is depreciated by the straight-line method.

Question Content Area

a. What was the book value of the equipment at December 31 the end of the fourth year? fill in the blank 1 of 1$

Feedback Area

Feedback

Book value is the initial cost of the fixed asset minus the accumulated depreciation.

Question Content Area

b. Assuming that the equipment was sold on April 1 of the fifth year for $122,140.

1. Journalize the entry to record depreciation for the 3 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.

blank	Account	Debit	Credit
blank	Accounts PayableAccumulated Depreciation-EquipmentCashDepreciation Expense-EquipmentEquipmentDepreciation Expense-Equipment	Depreciation Expense-Equipment	Depreciation Expense-Equipment
	Accounts PayableAccumulated Depreciation-EquipmentCashDepreciation Expense-EquipmentEquipmentAccumulated Depreciation-Equipment	Accumulated Depreciation-Equipment	Accumulated Depreciation-Equipment

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Question Content Area

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.

blank	Account	Debit	Credit
blank	Accounts PayableCashDepreciation Expense-EquipmentEquipmentGain on Sale of EquipmentCash	Cash	Cash
	Accounts PayableAccumulated Depreciation-EquipmentDepreciation Expense-EquipmentEquipmentGain on Sale of EquipmentAccumulated Depreciation-Equipment	Accumulated Depreciation-Equipment	Accumulated Depreciation-Equipment
	Accounts ReceivableDepreciation Expense-EquipmentDepreciation Payable-EquipmentEquipmentLoss on Sale of EquipmentLoss on Sale of Equipment	Loss on Sale of Equipment	Loss on Sale of Equipment
	Accumulated Depreciation-EquipmentEquipmentEquipment ExpenseGain on Sale of EquipmentLoss on Sale of EquipmentEquipment	Equipment	Equipment