answer in text form please (without image), Note: .Every entry should have narration please Entries for sale of fixed assetEquipment acquired on January 8 at a cost of $116,200 has an estimated useful life of 12years, has an estimated residual value of $8,800, and is depreciated by the straight-linemethod.Question Content Areaa. What was the book value of the equipment at December 31 the end of the fourth year?Question Content Areab. Assuming that the equipment was sold on April 1 of the fifth year for $72,422.1. Journalize the entry to record depreciation for the 3 months until the sale date.2. Journalize the entry to record the sale of the equipment. If an amount box does notrequire an entry, leave it blank.

Depreciation is the process of reducing the value of the assets. It is a non-cash expense of the…

Answered: Entries for sale of fixed asset

Business

Accounting

Entries for sale of fixed asset

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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