Equipment acquired on January 5 at a cost of $158,670, has an estimated useful life of 16 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 112,715. 1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required. Depreciation Expense-Equipment Accumulated Depreciation-Equipment 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment

Equipment acquired on January 5 at a cost of $158,670, has an estimated useful life of 16 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 112,715. 1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required. Depreciation Expense-Equipment Accumulated Depreciation-Equipment 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment

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Description: Entries for Sale of Fixed AssetEquipment acquired on January 5 at a cost of $158,670, has an estimated useful life of 16 years, has an estimated residual value of $9,550, and is depreciated by thestraight-line method.a. What was the book value of th

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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I'm struggling to understand what was the depreciation for this problem and how to accurately journal this transaction
subject- accounting
answer in text form please (without image), Note: .Every entry should have narration please
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