TAKE To S 12 Long ba y! cengage - Yahoo Search Results CengageNOWv2| Online teachin x Open an eBook y! b1. Assuming that the equipmer X v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false HW Ch07 200OA eBook Calculator Sale of Asset Equipment acquired on January 9, 20Y3, at a cost of $537,000, has an estimated useful life of 18 years, an estimated residual value of $53,700, and is depreciated by the straight-line method. a. What was the book value of the equipment at the end of the fifth year, December 31, 20Y7? Round your interim calculations and final answer to the nearest dollar. %24 For decreases in accounts or outflows of cash, enter your answers as negative numbers. Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. b1. Assuming that the equipment was sold on July 1, 20Y8, for $268,500, illustrate the effects on the accounts and financial statement of depreciation for the six months until the sale date. Balance Sheet Income Statement of Assets Liabilities Stockholders' Equity Statement Cash Flows Accumulated epreciation - equipment v No effect Retained earnings v No effect !! July 1. Income Statement Statement of Cash Flows Depreciation expense v No effect b2. Assuming that the equipment was sold on July 1, 20Y8, for $268,500, illustrate the effects on the accounts and financial statement of the sale of the equipment. Balance Sheet Income Statement of Liabilities Stockholders' Equity Assets Statement Cash Flows Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Grading Assignment Score: 85.74% 11:56 PM ENG 4/29/2020 O Type here to search FULL HD 1080 acer AR ARS F12 PrtSc Pause Del Home Pg Up Pg Dn F4 F5 F6 F7 F8 F9 F10 F11 Esc F1 F2 F3 Scr Lk SysRq Break Ins z' %23 2$ Л & -Backspace Num Lock 4 € 6 8 T Y P Home 112 rs Long battery life y cengage - Yahoo Search Result CengageNOWv2 | Online teach LO Open an eBook y b1 Assuming that the equipme i v2.cengagenow.com ress=lalce HW Ch07 200A eBook Calculator Juiy 1. Statement of Cash Flows Income Statement No effect v Depreciation expense b2. Assuming that the equipment was sold on July 1, 20Y8, for $268,500, illustrate the effects on the accounts and financial statement of the sale of the equipment. Balance Sheet Statement of Income Assets Liabilities Stockholders' Equity Cash Flows Statement Cash Equipment Accumulated depreciation - equipment No effect v Retained earnings July 1. 0. <> Statement of Cash Flows Income Statement Investing v Loss on disposal of fixed Assets v Feedback Check My Work a. Book value is the asset cost minus the accumulated depreciation. b. Take the annual depreciation and adjust it for the partial year. Add this depreciation to the accumulated depreciation account. Increase Depreciation expense and increase accumulated depreciation for the partial year to update the records to the sale date. Compare the book value at the point of sale (cost minus accumulated depreciation) to the sale price. If the book value is less than the sale price, the asset was sold for a gain. If the book value is more than the sale price, the equipment was sold at a loss. Check My Work Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for Grading Assignment Score: 85.74% 11:57 PM へG ENG P Type here to search 4/29/2020 FULL HD 1080· acer F11 F12 PrtSc Pause Del Home Pg Up Pg Dn End F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 Esc Scr Lk SysRq Break Ins Co) # & ) Num Lock Backspace 4 € 6 8. 9. { Home K Enter Shift Ctri DO Alt Gr Alt マ7 %23