Equipment acquired on January 8 at a cost of $168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, 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? 3,024,00 x Feedback V Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the fifth year for $125,000. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank.

Equipment acquired on January 8 at a cost of $168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, 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? 3,024,00 x Feedback V Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the fifth year for $125,000. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank.

Name: Entries for Sale of Fixed AssetEquipment acquired on January 8 at a c
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Description: Entries for Sale of Fixed AssetEquipment acquired on January 8 at a cost of $168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and isdepreciated by the straight-line method.a. What was the book value of th

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter9: Depreciation (deprec)

Section: Chapter Questions

Problem 5R: A truck was recently purchased for 75,000 with a salvage value of 5,000 and an estimated useful life...

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