Entries for Sale of Fixed Asset

Equipment acquired on January 8 at a cost of $160,060, has an estimated useful life of 16 years, has an estimated residual value of $9,500, 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 555664f9c03d038_1

b. Assuming that the equipment was sold on April 1 of the fifth year for 113,397.

1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required.

		fill in the blank 961b96f74fa3fcf_2
			fill in the blank 961b96f74fa3fcf_4

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 2683c401c01504e_2	fill in the blank 2683c401c01504e_3
		fill in the blank 2683c401c01504e_5	fill in the blank 2683c401c01504e_6
		fill in the blank 2683c401c01504e_8	fill in the blank 2683c401c01504e_9
		fill in the blank 2683c401c01504e_11	fill in the blank 2683c401c01504e_12