Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $236,000 has an...

Disposal of Fixed Asset

Equipment acquired on January 6 at a cost of $236,000 has an estimated useful life of 9 years and an estimated residual value of $30,800.

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

YearDepreciation 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 $159,200, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Jan. 3

d. Assuming that the equipment had been sold on January 3 of Year 4 for $171,000 instead of $159,200, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Jan. 3

Expert Solution

ekkarill92 answered 1 year ago

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