Question
Equipment was acquired at the beginning of the year at a cost of $662,500. The equipment was depreciated using the straight-line method based on an
Equipment was acquired at the beginning of the year at a cost of $662,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $44,230.
a. What was the depreciation for the first year? Round your answer to the nearest cent. $fill in the blank 1e2ac6f16fcbf81_1
b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $107,142. Round your answer to the nearest cent. Enter your answer as a positive amount. $fill in the blank 1e2ac6f16fcbf81_2
c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.
fill in the blank 4eb9d5f87022069_2 | fill in the blank 4eb9d5f87022069_3 | ||
fill in the blank 4eb9d5f87022069_5 | fill in the blank 4eb9d5f87022069_6 | ||
fill in the blank 4eb9d5f87022069_8 | fill in the blank 4eb9d5f87022069_9 | ||
fill in the blank 4eb9d5f87022069_11 | fill in the blank 4eb9d5f87022069_12 |
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