On March $31,2024,$ management of Quality Appliances committed to a plan to sell equipment. The equipment was available for

immediate sale, and an active plan to locate a buyer was initiated. The equipment had been purchased on January $1,2022,$ for

$$460,000.$ The equipment had an estimated six$-$year service life and residual value of $$70,000.$ The equipment was being depreciated

using the straight$-$line method. Quality's fiscal year ends on December $31.$

Required:

Calculate the equipment's book value as of March $31,2024.($Hint: Depreciation for $2024$ would include up to March $31.)$

By December $31,2024,$ the equipment has not been sold, but management expects that it will be sold in $2025$ for $$290,000.$ For

what amount is the equipment reported in the December $31,2024,$ balance sheet?

Complete this question by entering your answers in the tabs below.

Calculate the equipment's book value as of March $31,2024.($Hint: Depreciation for $2024$ would include up to March $31.)$