Equipment acquired on January 6 at a cost of $342,200 has an estimated useful life of 8 years and an estimated residual value of $44,600. Question Content Area a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 fill in the blank 1 of 3$ Year 2 fill in the blank 2 of 3$ Year 3 fill in the blank 3 of 3$ b. What was the book value of the equipment on January 1 of Year 4?fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area c. Assuming that the equipment was sold on January 3 of Year 4 for $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit January 3 Feedback Area Feedback Question Content Area d. Assuming that the equipment had been sold on January 3 of Year 4 for $235,200 instead of $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit January 3
Equipment acquired on January 6 at a cost of $342,200 has an estimated useful life of 8 years and an estimated residual value of $44,600. Question Content Area a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 fill in the blank 1 of 3$ Year 2 fill in the blank 2 of 3$ Year 3 fill in the blank 3 of 3$ b. What was the book value of the equipment on January 1 of Year 4?fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area c. Assuming that the equipment was sold on January 3 of Year 4 for $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit January 3 Feedback Area Feedback Question Content Area d. Assuming that the equipment had been sold on January 3 of Year 4 for $235,200 instead of $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit January 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Equipment acquired on January 6 at a cost of $342,200 has an estimated useful life of 8 years and an estimated residual value of $44,600.
Question Content Area
a. What was the annual amount of
| Year | Depreciation Expense |
|---|---|
| Year 1 | fill in the blank 1 of 3$ |
| Year 2 | fill in the blank 2 of 3$ |
| Year 3 | fill in the blank 3 of 3$ |
b. What was the book value of the equipment on January 1 of Year 4?
fill in the blank 1 of 1$
Feedback Area
Feedback
Question Content Area
c. Assuming that the equipment was sold on January 3 of Year 4 for $219,100,
| Date | Account | Debit | Credit |
|---|---|---|---|
| January 3 |
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Feedback Area
Feedback
Question Content Area
d. Assuming that the equipment had been sold on January 3 of Year 4 for $235,200 instead of $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
| Date | Account | Debit | Credit |
|---|---|---|---|
| January 3 |
|
||
|
|
|||
|
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