RESTORED-Chapter 09 Homework Entries for sale of fixed asset Instructions Instructions eBook Chart of Accounts First Question General Journal Show Me How General Journal Equipment acquired on January 8 at a cost of $165,730 has an estimated useful life of 17 years, has an estimated residual value of $8,650, and is depreciated by the straight-line method. 1. Depreciation for the 3 months until the sale date. a. What was the book value of the equipment at December 31 the end of the fifth year? b. Assuming that the equipment was sold on April 1 of the sixth year for $111,415, journalize the entries to record (1) depreciation for the 3 months until the sale date and (2) the sale of the equipment. Check My Work First Question a. What was the book value of the equipment at December 31 the end of the fifth year? X DATE DESCRIPTION 1 Apr. 01 Depreciation Expense-Equipment Accumulated Depreciation-Equipment 2. The sale of the equipment. DATE 1 Apr. 01 Cash 2 3 JOURNAL JOURNAL DESCRIPTION Accumulated Depreciation-Equipment Equipment Loss on Sale of Equipment PAGE 1 ACCOUNTING FOLIATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2,310.00 2,310.00 PAGE 2 ACCOUNTING FOLIATION. POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 111,415.00 48,510.00 5,805.00 165,730.00 Previous Next