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a. What was the deareciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming the equipment was sold at the end of the second year for $605,702, determine the gain or loss on the sale of the equipment. C. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles.

a. What was the deareciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming the equipment was sold at the end of the second year for $605,702, determine the gain or loss on the sale of the equipment. C. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Show Me How E Calculator ons ent was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estin What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearestuholo dollar Journal Assumin Journaliz C. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 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 531 Rent Expense 131 Accumulated Depletion 532 Depreciation Expense-Equipment 132 Goodwill 533 Depletion Expense
Transcribed Image Text:Show Me How E Calculator ons ent was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estin What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearestuholo dollar Journal Assumin Journaliz C. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 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 531 Rent Expense 131 Accumulated Depletion 532 Depreciation Expense-Equipment 132 Goodwill 533 Depletion Expense
- ricky.a.mann@stu x O Dashboard * CengageNOwv2 | Online teachir nment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator%=&inprogress=false Book 4Show Me How A Calculator Sale of equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $43,930. a. What was depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming the equipment was sold at the end of the second year for $605,702, determine the gain or loss on the sale of the equipment. C. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles. 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 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 531 Rent Expense
Transcribed Image Text:- ricky.a.mann@stu x O Dashboard * CengageNOwv2 | Online teachir nment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator%=&inprogress=false Book 4Show Me How A Calculator Sale of equipment Instructions Chart of Accounts First Questions Journal Instructions Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $43,930. a. What was depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming the equipment was sold at the end of the second year for $605,702, determine the gain or loss on the sale of the equipment. C. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles. 123 Delivery Truck 522 Depreciation Expense-Delivery Truck 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 531 Rent Expense
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