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Please answer only the incorrect ones Sale of Asset Equipment acquired on January 3, 2043, at a cost of $569,000, has an estimated useful life
Please answer only the incorrect ones
Sale of Asset Equipment acquired on January 3, 2043, at a cost of $569,000, has an estimated useful life of 16 years, has an estimated residual value of $56,900, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31, 2016, the end of the year? s 512100 For decreases in accounts or outflows of cash, enter your answers as negative numbers. Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. If no account or acti the corresponding number entry box blank. 61. Assuming that the equipment was sold on July 1, 2017, for $227,600, illustrate the effects on the accounts and financial statement of depreciation for the six months until the sale date. Balance Sheet Statement of Cash Flows Assets Liabilities Stockholder: Accumulated Depreciation - Equipment * No effect = No effect Retained Ear July 1. 16003 -16003 Statement of Cash Flows Inc No effect Depreciation expen b2. Assuming that the equipment was sold on July 1, 2017, for $227,600, illustrate the effects on the accounts and financial statement of the sale of the equipment. Statement of Cash Flows Balance Sheet Assets Liabilities Cash Equipment - Accumulated Depreciation - Equipment = No effect July 1. 227600 -569000 -569000 229378 Investing Statement of Cash Flows 2276000 has an estimated useful life of 16 years, has an estimated residual value of $56,900, and is depreciated by the straight-line method. 2016, the end of the year? rs as negative numbers. Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. If no account or activity is affected, select "No effect" from the dropdown and leave $227,600, illustrate the effects on the accounts and financial statement of depreciation for the six months until the sale date. Balance Sheet Income Statement Assets Liabilities Stockholders' Equity ipment + No effect = No effect Retained Earnings -16003 July 1. Income Statement Depreciation expense 16003 $227,600, illustrate the effects on the accounts and financial statement of the sale of the equipment. Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Equipment - Accumulated Depreciation - Equipment = No effect Retained Earnings -569000 229378 -229378 July 1. Income Statement Loss on disposal of fixed assets + 229378Step by Step Solution
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