New lithographic equipment, acquired at a cost of $940,000 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residus vite of $105,750. 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 subediening datance mattos was selected. In the first week of the fifth year, on March 4, the equipment was sold for S151,924. Required: 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 vakre of the equipment at the end of each year by (a) the maine 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. Journalize the entry to record the sale in (2), assuming that the equipment was sold for $105,874 instead of S151,924. Refer to the Chart of Accounts for exact wording of account titles. 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 tre method Accumulated Depreciation, End of Year Book Value, End of Year Year Depreciation Expanse 1 2 3 4 5 b. Double-cling-balance method Accumulated Depreciation, End of Year Book Value, End of Year Year Depreciation Expense 1 2 2 ASSETS 110 Cash 111 Pety Cash 112 Accounts Receive 114 Interest Receivati 115 Notes Receivable 118 Merchandisery 117 Supplies 119 Prepaid 120 Land 123 Delivery Tu 124 Accumulo Derion-Delivery Tue 125 E 120 Accumulated Depreciation et 130 Mr Right 131 Accumulo Depletion 132 Good 133 Patente LIABILITIES 210 Accounts Payable 211 Saw Pale 213 Sales Tax Payable 214 Interest Payable 215 Note Papete EQUITY 310 Common Stock 311 Retained 312 Dividens REVENUE 450 S 610 Interest Revenue 620 Ganon Sale of Delivery Tuck 621 Ganon Sale of me EXPENSES S10 Cost of Merchandise Sold 520 Salarion Expono 521 Advertising Expense 522 Depreciation Expense-Delivery Tuck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selings 531 Rent Expense 532 Depreciation Expense opet 533 Depletion Expense 534 Amortization Experts 535 Irurance Expense 536 Supplies Experie 599 Miscellaneous 710 Interest Expense 720 Lesson Sale of Dutery Truck T21 Loss o we often 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. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 3 3. On March 4, journalize the entry to record the sale in (2), assuming that the equipment was sold for $105,874 instead of $151,924. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL PAGE 1 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
