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eBook Show Me How Calculator Depreciation by Two Methods A Kubota tractor acquired on January 8 at a cost of $135,000 has an estimated useful life of 10 years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method. First Year Second Year $ b. Determine the depreciation for each of the first two years by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your final answers to the nearest dollar. First Year Second Year Previous Next Check My Work All work saved Save and Submit Assignment for Grading Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $30,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $580. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $6,930, determine the gain or loss on the sale of the equipment. LOSS Feedback c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash & Accumulated Depreciation Equipment Loss on Sale of Equipment Equipment Feedback Feedback Check My Work Previous Next All work saved All work saved. Save and Bike Submit Assignment for Gradins Gurculator Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $318,800 has an estimated useful life of 7 years and an estimated residual value of $41,600. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 4? Feedback c. Assuming that the equipment was sold on January 3 of Year 4 for $190,000, journalize the entry to record the sale. If art amou. not require an entry, leave it blank Cash Accumulated Depreciation Equipment Loss on Sale of Equipment Equipment d. Assuming that the equipment had been sold on January 3 of Year 4 for $204,000 instead of $190,000, journalize the entry to record the sale. Tanamuhay ng antar anant le han d. Assuming that the equipment had been sold on January 3 of Year 4 for $204,000 instead of $190,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 Cash Accumulated Depreciation Equipment Equipment Gain on Sale of Equipment
