Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of...
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Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $119,200 has an estimated useful life of 15 years, has an estimated residual value of $8,500, and is depreciated by straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 7,380 b. Assume that the equipment was sold on April 1 of the fifth year for $81,225. 1 1. Journaline the entry to record depreciation for the three months until the sale dato. If an amount box does not require an entry, leave it blank, Round your ans the nearest whole dollarit required. Depreciation Expense-Equipment 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 Cash Accumulated Depreciation Equipment Lous on Sale of Equipment Equipment
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