Equipment was acquired at the beginning of the year at a cost of...
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Accounting
Equipment was acquired at the beginning of the year at a cost of $ The equipment was depreciated using the straightline method based upon an estimated life of years and an estimated residual value of $
Required
a What was the depreciation expense for the first year?
b Assuming the equipment was sold at the end of the second year for $ determine the gain or loss on the sale of the equipment.
c Journalize the entry for the sale. If an amount box does not require an entry, leave it blank.
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