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Take me to the text on December 31, 2012 GHI Company purchased equipment worth $210,000. The equipment has a useful life of six years and

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Take me to the text on December 31, 2012 GHI Company purchased equipment worth $210,000. 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 oe.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 $210,000 $35000 $ 35000 $ 175000 2014 $210,000 35000 $70000 140000 $ 70000 2017 $210,000 S35000 $ 175000 $ 35000 2018 $210,000 $ 35000 $ 210000 $ $ 105000 $ 105000 2015 $210,000 $35000 $210,000 $35000 $210,000 $ 35000 2016 70000 $ 140000 2017 $ 175000 $ 35000 2018 $210,000 $35000 $ 210000 S b) on kune 30, 2018, GHI 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 Depreciation Expense 17500 e e 17500 Accumulated Depreciation To update depreciation before disposal Accumulated Depreciation Jun 30 350000 X Cash 4000 Loss on Disposal of Asset . 210000 Equipment To record the sale of equipment Check here to search

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