Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. entries for sale of fixed asset equipment acquir

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a...

90.2K

Verified Solution

Question

Accounting

Entries for Sale of Fixed Asset

Equipment acquired on January 8 at a cost of $176,530 has an estimated useful life of 17 years, has an estimated residual value of $9,250, 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?

b. Assume that the equipment was sold on April 1 of the fifth year for $129,660.

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.

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The standard enthalpies of formation oxides of the fourth period eleemtns of the d block are as...

Chemistry
Q

what similarities can you find between the discrimination faced by other minority groups and the Muslim...

Psychology
Q

A spring stretches 4.0cm when a load of 20N suspended. How much will the spring stretch if...

Physics
Q

role and benefit of auditing standards in Australia

Advance Math
Q

8. Find the solutions of the following initial value problems • x ''' + 6x '' +...

Advance Math
Q

The population of Dublin, Ohio, in 2013 was 43,607 people. The area of theCity of...

Basic Math
Q

A group of 49 randomly selected students has a mean age of 22 4 years...

Statistics
Q

Use the graph of f x to discuss the graph of y f x Organize...

Calculus
Q

Solve the equation 4 x 2x 10 8 5 4 5

Algebra
Q

Question 2 Nicole started her own business on 1 June 2021. The following is a...

Accounting
Q

which you must enter subtracted or negative numbers use a minus sign. Feedback 7 Check...

Accounting
Q

Tum Tum Fodbol Bled lunch and other perts en TMLS mich we wis pradet Bed...

Accounting