Answered step by step
Verified Expert Solution
Question
1 Approved Answer
equipment acquired on january 6 at a cost of $144,900 has a estimated useful life of 7 years and an estimated residual value of $18900
equipment acquired on january 6 at a cost of $144,900 has a estimated useful life of 7 years and an estimated residual value of $18900
a. what was the annual amount of depreciation for years 1-3 using the straight line method of depreciation?
year 1:
year 2:
year 3:
b. what was the book value of the equipment on january 1 of year 4?
c. assuming that the equipment sold on january 3 of year 4 for $86400 journalize the entry to record the sale. if an amount doesnt require the entry leave it blank?(answer options: accumulated depreciation equipment, cash, equipment, gain on sale equipment, loss on sale equipment) also debit or credir box
d.assuming that the equipment has been sold on january 3 of year 4 for $92700 instead of $86400 journalize the entry to record the sale. (answer options: cash , depreciation expense equipment, equipment, gain on sale of equipment, loss on sale of equipment) also debit or credit box
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started