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the amount of depreciation expense each year. On the basis of the data presented to the manager, the vas selected. In the first week of the fifth year, on March 4 , the equipment was sold for $141,422. Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double-declining-balance method. Round your answers to the nearest whole dollar. 2. Journalize the entry to record the sale assuming the manager chose the double-declining-balance method. Refer to the Chart of Accounts for exact wording of account titles. 3. Journalize the entry to record the sale in (2), assuming that the equipment was sold for $96,962 instead of $141,422. Refer to the Chart of Accounts for exact wording of account titles. declining-balance method. Round your answers to the nearest whole dollar. Enter all amounts as a positive numbers. a. Straight-line method b. Double-declining-balance method 2. On March 4, journalize the entry to record the sale assuming the manager chose the double-declining-balance method. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger \begin{tabular}{ll} ASSETS & REVENUE \\ 110 Cash & 410 Sales \\ 111 Petty Cash & 610 Interest Revenue \\ 112 Accounts Receivable & 620 Gain on Sale of Delivery Truck \\ 114 Interest Receivable & 621 Gain on Sale of Equipment \\ 115 Notes Receivable & EXPENSES \\ 116 Merchandise Inventory & 510 Cost of Merchandise Sold \\ 117 Supplies & 520 Salaries Expense \\ 119 Prepaid Insurance & 521 Advertising Expense \\ 120 Land & 522 Depreciation Expense-Delivery Truck \\ 123 Delivery Truck & 523 Delivery Expense \\ 124 Accumulated Depreciation-Delivery Truck & 524 Repairs and Maintenance Expense \\ 125 Equipment & 529 Selling Expenses \\ 126 Accumulated Depreciation-Equipment & 531 Rent Expense \\ 130 Mineral Rights & 532 Depreciation Expense-Equipment \\ 131 Accumulated Depletion & 533 Depletion Expense \\ 132 Goodwill & 534 Amortization Expense-Patents \\ 133 Patents & 53 Insurance Expense \\ \hline \end{tabular} Chart of Accounts 119PrepaidInsurance120Land123DeliveryTruck124AccumulatedDepreciation-DeliveryTruck125Equipment126AccumulatedDepreciation-Equipment130MineralRights131AccumulatedDepletion132Goodwill133PatentsLIABILITIES210AccountsPayable211SalariesPayable213SalesTaxPayable214InterestPayable215NotesPayable520SalariesExpense521AdvertisingExpense522DepreciationExpense-DeliveryTruck523DeliveryExpense524RepairsandMaintenanceExpense529SellingExpenses531RentExpense532DepreciationExpense-Equipment533DepletionExpense534AmortizationExpense-Patents535InsuranceExpense536SuppliesExpense539MiscellaneousExpense710InterestExpense720LossonSaleofDeliveryTruck721LossonSaleofEquipment EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends
