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Need answer for the last question. On January 1, 2016 Crane Corporation acquired equipment costing $86.720. It was estimated at that time that the equipment
Need answer for the last question.
On January 1, 2016 Crane Corporation acquired equipment costing $86.720. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31 Your answer is correct. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's accumulated depreciation $ 21680 Carrying amount S 65040 e Textbook and Media Your answer is correct. What is the amount of the gain or loss that would arise when a quarter of the equipment was soldi on January 1, 2018. for cash proceeds of $19,580? Gain from sale of equipment 3320 e Textbook and Media Your answer is correct. What is the depreciation expense for January 1, 2018. to October 31, 2018, for the remaining equipment? Depreciation expense $ 6775 e Textbook and Media Your answer is correct On November 1, 2018, the company purchased additional cquipment for $9,360 that also had a useful life of eight years and no residual value. What is the depreciation for the two months ending December 31, 2018? Total depreciation for 2 months $ 1550 e Textbook and Media X Your answer is incorrect On December 31, 2018, the company sold some equipment for a loss of $2,790. After recording the sale, the balances in the Equipment account and Accumulated Depreciation account were $63,160 and $18,496, respectively. Based on this information, what were the proceeds received when this equipment was sold? Cash proceeds from saleStep by Step Solution
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