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one question with two screenshots. Equipment was purchased on January 1, 2015 for $70,000. The asset is expected to last for four years, at which

one question with two screenshots.

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Equipment was purchased on January 1, 2015 for $70,000. The asset is expected to last for four years, at which time the estimated residual value will be $11,000. Required a) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date and net book value. The company uses straight-line depreciation. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Year Cost of Long-Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2015 $70,000 $ 14750 $ 14750 $ 55250 2016 $70,000 $ 14750 $ 29500 $ 40500 2017 $70,000 $ 14750 $ 44250 $ 25750 2018 $70,000 $ 14750 $ 59000 $ 11000 b) The asset was sold for $14,000 on the first day of 2019. Prepare the journal entry to record the sale. Enter all debit accounts in alphabetical order. Enter all credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Jan 1 Accumulated Depreciation A 59000 Cash 14000 Equipment 70000 Gain on Disposal of Asset 3000 Sale of equipment for cashc) Using the same purchase information at the beginning of the question, prepare the table assuming that the company used double-decliningbalance depreciation. 2015 $ $ 2016 $ $ 2017 $ $ 2018 $ $ UUUU d) Using the same purchase information and residual value at the beginning of the question, assume that the company uses the units-ofproduction method. The asset can produce one million units' Prepare the depreciation table. $70,000 200,000 2016 $70,000 180,000 $ $ $ $70,000 240,000 $70,000 200,000

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