hi thisistheproblem New tire retreading equipment, acquired at a cost of $140,000 at the beginning of a fiscal year, has an estimated useful life of four years and an estimated residual value of $10,000 The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year On the basis of the data presented to the manager, the double declining balance method was selected In the first week of the fourth year, the equipment was sold for $23,300 Instructions 1 Determine the annual depreciation expense for each of the estimated four 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 The following columnar headings are suggested for each schedule Year Depreciation Expense Accumulated Depreciation, End of Year Book Value, End of Year 2 Illustrate the effects on the accounts and financial statements of the sale 3 Illustratetheeffectsontheaccountsandfinancialstatementsofthesale,assumingasalepriceof$15,250insteadof$23,300 istillneedhelpwithyear4ofboxBandthebalancesheet pleaseviewattachedformore details thanks sorrymykeyboardisbroken Problem 7 4 Name Mark Tirona Section Score 71 Key Code 2 Instructions Answers are entered in the cells with gray backgrounds Cells with non gray backgrounds are protected and cannot be edited A red asterisk ( ) will appear in the column to the right of an incorrect answer 1 Year a 1 Depreciation Expense Accumulated Depreciation, End of Year Book Value, End of Year $ $ $ 32,500 32,500 107,500 2 3 65,000 97,500 75,000 42,500 4 b 32,500 32,500 32,500 130,000 10,000 1 2 3 $ 70,000 35,000 17,500 $ 70,000 105,000 122,500 $ 70,000 35,000 17,500 4 Assets Statement of Cash Flows 2 3 I I $ 23,300 15,250 Cash $ 23,300 15,250 Equipment $ (140,000) (140,000) Balance Sheet Liabilities Accumulated Depreciation Stockholders' Equity Retained Earnings Income Statement

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hi. thisistheproblem: New tire retreading equipment, acquired at a cost of $140,000 at the beginning of a fiscal year, has an estimated useful life of

hi. thisistheproblem:

New tire retreading equipment, acquired at a cost of $140,000 at the beginning of a fiscal year, has an estimated useful life of four years and an estimated residual value of $10,000. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected.

In the first week of the fourth year, the equipment was sold for $23,300.

Instructions

1.Determine the annual depreciation expense for each of the estimated four 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. The following columnar headings are suggested for each schedule:

Year

Depreciation Expense

Accumulated Depreciation, End of Year

Book Value, End of Year
2.Illustrate the effects on the accounts and financial statements of the sale.
3.Illustratetheeffectsontheaccountsandfinancialstatementsofthesale,assumingasalepriceof$15,250insteadof$23,300.

istillneedhelpwithyear4ofboxBandthebalancesheet. pleaseviewattachedformore details.thanks.sorrymykeyboardisbroken.

Problem 7-4 Name: Mark Tirona Section: Score: 71% Key Code: 2 Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. 1. Year a. 1 Depreciation Expense Accumulated Depreciation, End of Year Book Value, End of Year $ $ $ 32,500 32,500 107,500 2 3 65,000 97,500 75,000 42,500 4 b. 32,500 32,500 32,500 130,000 10,000 1 2 3 $ 70,000 35,000 17,500 $ 70,000 105,000 122,500 $ 70,000 35,000 17,500 4 Assets Statement of Cash Flows 2. 3. I I $ 23,300 15,250 Cash $ 23,300 15,250 + Equipment $ (140,000) (140,000) - Balance Sheet = Liabilities Accumulated Depreciation = + + Stockholders' Equity Retained Earnings Income Statement