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On December $31,2012$ ABC Company purchased equipment worth $$240,000.$ The equipment has a useful life of six years and no residual value. Depreciation is recorded beginning the month after acquisition and will be recorded up until the month of disposal. The company uses the straight$-$line method of depreciation.

Required

a$)$ Given that the company's year end is December $31,$ complete the following table.

Do not enter dollar signs or commas in the input boxes.

Round all dollar figure answers to the nearest whole number.

Year Cost of Long$-$Term Asset Depreciation Expense Accumulated Depreciation Net Book Value

$2013$ $$240,000$ $Answer

$Answer

$Answer

$2014$ $$240,000$ $Answer

$Answer

$Answer

$2015$ $$240,000$ $Answer

$Answer

$Answer

$2016$ $$240,000$ $Answer

$Answer

$Answer

$2017$ $$240,000$ $Answer

$Answer

$Answer

$2018$ $$240,000$ $Answer

$Answer

$Answer

b$)$ On June $30,2018,$ ABC Company sold the equipment for $$4,000$ Prepare the journal entry to record the depreciation on the disposal and the sale. You will need to recalculate the depreciation expense for $2018$ from part a$)$ to account for the sale part$-$way through the year.

Enter all debit accounts in alphabetical order.

Date Account Title and Explanation Debit Credit

Jun $30$ Answer

Depreciation Expense

Answer

Answer

Accumulated Depreciation

Answer

To update depreciation before disposal

Jun $30$ Answer

Accumulated Depreciation

Answer

Answer

Cash

Answer

Answer

Loss on Disposal of Asset

Answer

Answer

Equipment

Answer

To record the sale of equipment