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Disposal of Fixed Asset

Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $347,800, has an estimated useful le of 9 years and an estimated resideal value of $45,400. 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 4 33,600 Year 2 3300 Year 3 33,600 b. What was the book value of the equipment on January 1 of Year 4 $ 247,000 C. Assuming that the equipment was sold on January 3 of Year 4 for $234,700, Journalire the entry to record the sale. If an amount box does not require an entry, leave it blank Cash 234,700 Accumulated Depreciation Equipment Loss on Sale of Equipment Equipment 147.00 c. Assuming that the equipment was sold on January 3 of Year 4 for $234,700, Joumalize the entry to record the sale. If an amount box does not require an entry, leave it bank Cash 234.700 Accumulated Depreciation Equipment X Lots on sale of Equipment X Equipment 347.300 d. Assuming that the equipment had been sold on January 3 of Year 4 for $251.900 instead of $234,700, Journalize the entry to record the sale, if an amount box does not requre an entry, leave it blank Cash Accumulated Depreciation Equipment bill Equipment Gain on Sale of Equipment

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