Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $170,450...

Entries for Sale of Fixed Asset

Equipment acquired on January 8 at a cost of $170,450 has an estimated useful life of 20 years, has an estimated residual value of $7,450, and is depreciated by the straight-line method.

a. What was the book value of the equipment at December 31 the end of the fourth year?
$fill in the blank 6f412ff47fb6faf_1

b. Assume that the equipment was sold on April 1 of the fifth year for $130,562.

1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required.

		fill in the blank a53e1809af80fa7_2	fill in the blank a53e1809af80fa7_3
		fill in the blank a53e1809af80fa7_5	fill in the blank a53e1809af80fa7_6

2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.

		fill in the blank f24dcd049009064_2	fill in the blank f24dcd049009064_3
		fill in the blank f24dcd049009064_5	fill in the blank f24dcd049009064_6
		fill in the blank f24dcd049009064_8	fill in the blank f24dcd049009064_9
		fill in the blank f24dcd049009064_11	fill in the blank f24dcd049009064_12

Expert Solution

ekkarill92 answered 2 years ago

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