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Sale of Asset Equipment acquired on January 9, 20Y3, at a cost of $675,000, has an estimated useful life of 17 years, an estimated residual value of $148,500, and is depreciated by the straight-line method. a. What was the book value of the equipment at the end of the fifth year, December 31, 2017? Round your interim calculations and final answer to the nearest dollar. $ 520,1 x For decreases in accounts or outflows of cash, enter your answers as negative numbers. Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. If no account or activity is affected, select 'No effect from the dropdown and leave the corresponding number entry box blank. bi. Assuming that the equipment was sold on July 1, 2048, for $270,000, illustrate the effects on the accounts and financial statement of depreciation for the six months until the sale date. Statement of Assets Cash Flows - Accumulated depreciation - equipment w Balance Sheet = + No effect Liabilities No effect + + Income Statement Stockholders' Equity Retained earnings -15,48 x July 1. -15,48 Statement of Cash Flows Income Statement No effect Depreciation expense 15,48 X b2. Assuming that the equipment was sold on July 1, 2048, for $270,000, illustrate the effects on the accounts and financial statement of the sale of the equipment. Statement of Cash Flows + = Liabilities No effect v Income Statement Stockholders' Equity Retained earnings Balance Sheet Assets - Accumulated depreciation - equipment 218,382 Cash + Equipment -504,662 July 1. 270,000 Statement of Cash Flows Investing ~ 270,000 -234,662 Income Statement Loss on disposal of fixed Assets -234,662 X Feedback Check My Work a. Book value is the asset cost minus the accumulated depreciation. b. Take the annual depreciation and adiust it for the partial vear Add this depreciation to the accumulated depreciation account. Increase Depreciation expense and increase accumulated depreciation for the partial year to update the records to the sale date. Compare the book value at the point of sale (cost minus accumulated depreciation) to the sale price. If the book value is less than the sale price, the asset was sold for a gain. If the book value is more than the sale price, the equipment was sold at a loss. Sale of Asset Equipment acquired on January 9, 20Y3, at a cost of $675,000, has an estimated useful life of 17 years, an estimated residual value of $148,500, and is depreciated by the straight-line method. a. What was the book value of the equipment at the end of the fifth year, December 31, 2017? Round your interim calculations and final answer to the nearest dollar. $ 520,1 x For decreases in accounts or outflows of cash, enter your answers as negative numbers. Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. If no account or activity is affected, select 'No effect from the dropdown and leave the corresponding number entry box blank. bi. Assuming that the equipment was sold on July 1, 2048, for $270,000, illustrate the effects on the accounts and financial statement of depreciation for the six months until the sale date. Statement of Assets Cash Flows - Accumulated depreciation - equipment w Balance Sheet = + No effect Liabilities No effect + + Income Statement Stockholders' Equity Retained earnings -15,48 x July 1. -15,48 Statement of Cash Flows Income Statement No effect Depreciation expense 15,48 X b2. Assuming that the equipment was sold on July 1, 2048, for $270,000, illustrate the effects on the accounts and financial statement of the sale of the equipment. Statement of Cash Flows + = Liabilities No effect v Income Statement Stockholders' Equity Retained earnings Balance Sheet Assets - Accumulated depreciation - equipment 218,382 Cash + Equipment -504,662 July 1. 270,000 Statement of Cash Flows Investing ~ 270,000 -234,662 Income Statement Loss on disposal of fixed Assets -234,662 X Feedback Check My Work a. Book value is the asset cost minus the accumulated depreciation. b. Take the annual depreciation and adiust it for the partial vear Add this depreciation to the accumulated depreciation account. Increase Depreciation expense and increase accumulated depreciation for the partial year to update the records to the sale date. Compare the book value at the point of sale (cost minus accumulated depreciation) to the sale price. If the book value is less than the sale price, the asset was sold for a gain. If the book value is more than the sale price, the equipment was sold at a loss