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Sale of an Asset

Equipment acquired on January 9, 20Y3, at a cost of $733,000, has an estimated useful life of 19 years, an estimated residual value of $161,260, and is depreciated by the straight-line method.

a. What was the book value of the equipment at the end of the fifth year, December 31, 20Y7? Round your interim calculations and final answer to the nearest dollar.

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 activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank.

b1. Assuming that the equipment was sold on July 1, 20Y8, for $366,500, illustrate the effects on the accounts and financial statement of depreciation for the six months until the sale date.

		Balance Sheet
		Assets				=	Liabilities	+	Stockholders' Equity
			Accounts receivable Equipment Cash No effect	-	Accounts receivable Accumulated depreciation - equipment Cash No effect	=	Accounts payable Accumulated depreciation - equipment Capital stock No effect	+	Capital stock Loss on disposal of fixed Assets Retained earnings No effect
	July 1.		fill in the blank		fill in the blank		fill in the blank		fill in the blank
	Statement of Cash Flows						Income Statement

b2. Assuming that the equipment was sold on July 1, 20Y8, for $366,500, illustrate the effects on the accounts and financial statement of the sale of the equipment.

Balance Sheet
	Assets					=	Liabilities	+	Stockholders' Equity
	Accounts receivable Accumulated depreciation -equipment Cash No effect	+	Accounts payable Equipment Supplies No effect	-	Accounts payable Accumulated depreciation -equipment Depreciation expense No effect	=	Accounts payable Accumulated depreciation - equipment Capital stock No effect	+	Capital stock Retained earnings Sales No effect
	July 1.	fill in the blank 19		fill in the blank 20		fill in the blank 21		fill in the blank 22			fill in the blank 23
	Statement of Cash Flows							Income Statement