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ook Print item Depreciation by two methods; sale of fixed asset Instructions Chart of Accounts Starting questions Journal Instructions Newlithographic equipment, acquired at a cost of $772,800 on March 1 at the beginning of a fiscal year has an estimated useful life of five years and an estimated residual value of 586,940. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining balance method was selected. in the first week of the fifth year, on March 4, the equipment was sold for 5130,585 Required: 1 Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year and the book value of the equipment at the end of each year by (a) the straight line method and (b) the double-declining balance method Round your answers to the nearest whole dollar 2. Journalize the entry to record the sale assuming the manager chose the double declining-balance method 3. Journalize the entry to record the sale in (2), assuming that the equipment was sold for $87 105 instead of 5130 585. Refer to the Chart of Accounts for exact wording of account fities (previous Check My Work ion by two methods; sale of fixed asset Chan of Account Starting questions Journal ons art of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck k My Work i e K CORE Chart of Accounts Starting questions Journal ons art of Accounts 124 Accumulated Depreciation-Delivery Truck 523 Delivery Expense 125 Equipment 524 Repairs and Maintenance Expense 126 Accumulated Depreciation Equipment 529 Selling Expenses 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 133 Patents LIABILITIES 210 Accounts Payable 710 Interest Expense 211 Salaries Payable 213 Sales Tax Payable 720 Loss on Sale of Delivery Truck 214 Interest Payable 721 Loss on Sale of Equipment 215 Notes Payable ick My Work 13 0 tion by two methods; sale of fixed asset ctions Chart of Accounts Starting questions Journal ons art of Accounts 535 Insurance Expense LIABILITIES 536 Supplies Expense 210 Accounts Payable 539 Miscellaneous Expense 211 Salaries Payable 710 Interest Expense 213 Sales Tax Payable 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary My Work Chart Ol AGCOUNG Starting questions Determine the annual depreciation expense for each of the estimated five years of use the accumulated depreciation at the end of each year, and the book value of the guiment at the end of each year by (e) the straight-ine method and (b) the double declining balance method Round your answers to me rarest whole ola na metod Accumulated Depreciation End of Year Year Depreciation Expense Book Value, End of Year 1 2 Hevou Check My Work 00 12.16 AM A Chart Of Accounts Starting questions 5 b. Double-declining-balance method Accumulated Depreciation, Year Depreciation Expense End of Year Book Value, End of Year 1 $ 2 3 4 Depreciation by two methods; sale of fixed asset Instruction Chart or Accounts Starting questions Journal Journal JOURNAL ACCOUNTING EQUAT DESETIH POSLE CREDIT LIABILITE on March um entry to cord them that the came out for 507 108 109 Reler to the Chart Account ording of accounts Check My W 0 12:16 AM 11/2/2021 Instructions Chart of Accounts Starting questions Journal Journal On March 4 joumalize the entry to record the sale in (2), assuming that the equipment was sold for $87,10 instead of 5430505 Refer to the Chart of Account wording of accounts ACCOUNTING EQUAT) JOURNAL AUTI CREDIT LAUTE DESCRIPTIO POSTE DET Previous Check My Work w ad 12:17 AM 11/2/2001 Elle

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