Disposal of fixed assetEquipment acquired on January 6 at a cost of $317,400 has an estimated useful life of 10 years and an estimated residual value of $41,400.a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation?YearYear 1Year 2Year 3Depreciation Expenseb. What was the book value of the equipment on January 1 of Year 4?January 3Sc. Assuming that the equipment was sold on January 3 of Year 4 for $222,900, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.January 30000d. Assuming that the equipment had been sold on January 3 of Year 4 for $239,300 instead of $222,900, journalize the entry to record the sale. If an amount box does notrequire an entry, leave it blank.000000000000

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Description: Disposal of fixed assetEquipment acquired on January 6 at a cost of $317,400 has an estimated useful life of 10 years and an estimated residual value of $41,400.a. What was the annual amount of depreciation for Years 1-3 using the straight-line meth

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Disposal of fixed asset Equipment acquired on January 6 at a cost of $317,400 has an estimated useful life of 10 years and an estimated residual value of $41,400. a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Year 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 4? Depreciation Expense c. Assuming that the equipment was sold on January 3 of Year 4 for $222,900, journalize the entry to record the sale. If an amount box does not require an entry, leave it bla January 3 d. Assuming that the equipment had been sold on January 3 of Year 4 for $239,300 instead of $222,900, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.. January 3

Disposal of fixed asset Equipment acquired on January 6 at a cost of $317,400 has an estimated useful life of 10 years and an estimated residual value of $41,400. a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Year 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 4? Depreciation Expense c. Assuming that the equipment was sold on January 3 of Year 4 for $222,900, journalize the entry to record the sale. If an amount box does not require an entry, leave it bla January 3 d. Assuming that the equipment had been sold on January 3 of Year 4 for $239,300 instead of $222,900, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.. January 3

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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