Equipment acquirod on January 6 at a cost of $532,255, has...
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Equipment acquirod on January 6 at a cost of $532,255, has an estimated useful tle of 19 years and an estimated tesidual value of $60,010. Required: a. What was the annual amount of depreciation for Years 1.3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Yoar 4 ? c. Assuming that the equipment was soid on January 3 of Year 4 for $441,935, journakize the entry to record the sale. Refer to the chart of accounts for the exact wording of the acoount titios. CNOW joumals do not use lines for joumat explanations. Every line on a joumal page is usod tor dobit or crodit entries. CNOW journals will automatically indent a crodit entry whon a credit amount is onterod. d. Assuming that the equipment had been sold on January 3 of Year 4 for $473,200 instead of $441,365, joumalize the entry to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals wit automatically indent a credit entry when a crodit amount is entered
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