Sale of Asset

Equipment acquired on January 9, 20Y3, at a cost of $419,000, has an estimated useful life of 17 years, an estimated residual value of $100,560, and is depreciated by the straight-line method.

Sale of Asset Equipm nt acquired on January 9 2013 at a cost or $419,000 has an estimated useful life or 17 years an estimated residual value of $100 S60, and is depreciated by the straight-line method. What was the book value of the equipment at the end of the fifth year, December 31, 20Y77 Round your interim calculations and final answer to the nearest dollar nth year a. 325,340 For decreases in accounts or outhows of cash, enter your answers as negative numbers. Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. It no account or activity is aftected, select "No effect from the dropdown and leave the corresponding number entry box blank bi. Assuning that the equipment was sold on July 1, 20Y8, for $146,850, illustrate the effects on the accounts and financial statement of depreclation for the six months until the sale date. Balance Sheet Statement of Income Assets Stockholders' Equity Cash Flows VNo effect No effect + Retained earnings v July 1. 9,366 9,366 Statement of Cash Flows Income Statement No effect v 9,366 b2. Assuming that the equipment was sold on July 1, 20Y8, for 146,650, illustrate the emects on the accounts and financial statement or the sale of the equipment. Balance Sheet Statement of Stockholders Equity Incomme Statement Cash Flows Cash V V # No effect uly 1 146,650 V -419,000 325,340 X 272,350 X Statement of Cash Flows Incomme Staterment Investing1 146,650 Loss on disposal of fixed Assets v 272,350 X