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Instructions New lithographic equipment, acquired at a cost of $859,200 on March 1 at the beginning of a fiscal year has an estimated useful life

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Instructions New lithographic equipment, acquired at a cost of $859,200 on March 1 at the beginning of a fiscal year has an estimated useful life of five years and an estimated residual value of $96,660 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 year, on March 4, the equipment was sold for 5141,422 Required: 1. Determine the annuel depreciation expense for each of the estimated five years of use the accumulated depreciation at the end of each your and the book walce of the equipment at the end of each year by (a) the state method and (b) the double declining balance method Round your answers to me nearest whole doar 2 Journalize the entry to record the sale assuming the manager chose the double-decling-balance method. Refer to the Chart of Accounts for exact wording of accounties 3. Journaize the entry to record the sale in (2) assuming that the equipment was sold for $96.962 instead of 5147422 Rorer to the Chancl Accounts for exact wording of account titled Starting Questions 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 Enter all amounts as a positive numbers a. Straight-line method Accumulated Depreciation, End of Year Year Depreciation Expense Book Value, End of Year 1 5 2 3 b. Double-declining-balance method Accumulated Depreciation, End of Year Year Depreciation Expense Book Value, End of Year 1 5 2 3 4 5 JOURNAL ACCOUNTING EQUAT DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS 1 LALITIES Journal 3. On March 4. journalize the entry to record the sale in (2), assuming that the equipment was sold for $96,962 instead of 5141,422 Refer to the Chart of Accounts wording of account titles JOURNAL ACCOUNTING EQUAT DATE DESCRIPTION POST. RER DESIT CREDIT ASSETS LIABILITIES 1 2

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