Equipment acquired on January Y at a cost of $ has an estimated useful life of years and an estimated residual value of $
a What was the annual amount of depreciation for the years YY and Y using the straightline method of depreciation? Round annual depreciation to the nearest dollar and use this amou
In your followon calculations.
Depreciation expense
b What was the book value of the equipment on January Y
For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select No effect" from the dropdown and leave the
corresponding number entry box blank.
c Assuming that the equlpment was sold on January for $ illustrate the effects on the accounts and financial statements of the sale.
Financial Statement Effects
d Assuming that the equipment was sold on January for $ instead of $ illustrate the effects on the accounts and financial statements of the sale.
Financial Statement Effects
