Equipment was acquired at the beginning of the year at a cost of $650,000. The...
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Accounting
Equipment was acquired at the beginning of the year at a cost of $650,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $48,685.
a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round your answer to the nearest cent. $
b. Assuming the equipment was sold at the end of the eighth year for $643,445, determine the gain or loss on the sale of the equipment. Round your answer to the nearest cent. $
c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.
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