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Equipment acquired on January 6 at a cost of $401,300 has an estimated useful life of 18 years and an estimated residual value of $25,100.
Equipment acquired on January 6 at a cost of $401,300 has an estimated useful life of 18 years and an estimated residual value of $25,100.
a. What was the annual amount of depreciation for Years 13 using the straight-line method of depreciation?
b. What was the book value of the equipment on January 1 of Year 4?
c. Assuming that the equipment was sold on January 3 of Year 4 for $315,000, journalize the entry to record the sale.
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
3
4
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