Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $109,220 has an estimated useful life of 12 years, has an estimated residual value of $8,300, 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? 75,580 Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for $66,987. 4 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. Account Depreciation Expense-Equipment Accumulated Depreciation-Equipment Feedback Debit 2,102 X Credit 2,102 X Check My Work The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold. The

Equipment acquired on January 8 at a cost of $109,220 has an estimated uselut life of 12 years, has an estimated resifual valie of $8,360, and is depreciated by the straight line method. What was the book value of the equipment at December 31 the end of the fourth vear? Fented vomation: Book value is the initial coit of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on Apnl 1 of the fifth year for $66,987. 1. Journalize the entry to recond deprecoubon for the 3 months until the sale date. If an amoun box does not require an entry, leave it blank, Round your answers to the nearest whole dollar if required. Fuestoid: towew/7ork The depreciation account of the fixed asset being sold or discanded needs to be updated to reflect the months of use in the year it is beiog discarded or fold, The nearest whole dollar if required. Foodback TChed Wy Wok straight-line method of depreciation calcutses the amourt of depreciation to be recognized each year