Year Depreciation Expense Year 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 4? c. Assuming that the equipment was sold on January 3 of Year 4 for $184,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. %24 %24 %24

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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%24
%24
%24
Year
Depreciation Expense
Year 1
24
Year 2
Year 3
b. What was the book value of the equipment on January 1 of Year 4?
c. Assuming that the equipment was sold on January 3 of Year 4 for $184,100, journalize the entry to record
the sale. If an amount box does not require an entry, leave it blank.
Jan. 3
d. Assuming that the equipment had been sold on January 3 of Year 4 for $197,700 instead of $184,100,
journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
Jan. 3
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Transcribed Image Text:%24 %24 %24 Year Depreciation Expense Year 1 24 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 4? c. Assuming that the equipment was sold on January 3 of Year 4 for $184,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 d. Assuming that the equipment had been sold on January 3 of Year 4 for $197,700 instead of $184,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grading
Equipment acquired on January 6 at a cost of $262,200 has an estimated useful life of 10 years and an
estimated residual value of $34,200.
a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of
depreciation?
Year
Depreciation Expense
Year 1
2$
Year 2
24
Year 3
b. What was the book value of the equipment on January 1 of Year 4?
2$4
C. Assuming that the equipment was sold on January 3 of Year 4 for $184,100, journalize the entry to record
the sale. If an amount box does not require an entry, leave it blank.
Jan. 3
Assuming that the equipment had been sold on January 3 of Year 4 for $197,700 instead of $184,100,
urnalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
an. 3
ck My Work
( Previous
Next
All work saved.
Save and Exit
Submit Assignment for Gradir
Transcribed Image Text:Equipment acquired on January 6 at a cost of $262,200 has an estimated useful life of 10 years and an estimated residual value of $34,200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 2$ Year 2 24 Year 3 b. What was the book value of the equipment on January 1 of Year 4? 2$4 C. Assuming that the equipment was sold on January 3 of Year 4 for $184,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 Assuming that the equipment had been sold on January 3 of Year 4 for $197,700 instead of $184,100, urnalize the entry to record the sale. If an amount box does not require an entry, leave it blank. an. 3 ck My Work ( Previous Next All work saved. Save and Exit Submit Assignment for Gradir
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