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Please help me to solve these. I will make sure to upvote Entries for sale of fixed asset Equipment acquired on January 8 at a
Please help me to solve these. I will make sure to upvote
Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $111,360 has an estimated useful life of 14 years, has an estimated residual value of $9,300, and is depreciated by the straightline method. The cost of a fixed asset minus accumulated depreciation on the asset. a. What was the book value of the equipment at December 31 the end of the fourth year? $ Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for $74,452. 1. Journalize the entry to record depreciation for the 3 months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. b. Assuming that the equipment was sold on April 1 of the fifth year for $74,452. 1. Journalize the entry to record depreciation for the 3 months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if requiredStep by Step Solution
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