fuipment acquired on January 6 at a cost of $375,000 has an estimated useful life...
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fuipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 4 ? c. Assuming that the equipment was sold on January 3 of Year 4 for $300,000, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. Year 1 depreciation expense d. Assuming that the equipment had been sold on January 3 of Year 4 for $325,000 instead of $300,000, journalize the entry to record the sale. Year 2 depreciation expense Year 3 depreciation expense Refer to the Chart of Accounts for exact wording of account titles. b. What was the book value of the equipment on January 1 of Year 4 ? $
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