Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $234,600, has an...

Disposal of Fixed Asset

Equipment acquired on January 6 at a cost of $234,600, has an estimated useful life of 10 years and an estimated residual value of $30,600.

a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation?

Year	Depreciation Expense
Year 1	$
Year 2	$
Year 3	$

b. What was the book value of the equipment on January 1 of Year 4?
$

c. Assuming that the equipment was sold on January 3 of Year 4 for $164,700, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

d. Assuming that the equipment had been sold on January 3 of Year 4 for $176,900 instead of $164,700, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Expert Solution

ekkarill92 answered 1 year ago

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