Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. entries for sale of fixed asset. equipment acquire

Entries for Sale of Fixed Asset. Equipment acquired on January 8 at a cost of...

70.2K

Verified Solution

Question

Accounting

image
Entries for Sale of Fixed Asset. Equipment acquired on January 8 at a cost of $168,000 has an estimated useful ife of 18 years, has an estimated residual value of $15,000, and is depreclated by the straighteline method. a. What was the book value of the equipment ot December 31 the end of the fourth year? Feetare poeck by wor. b. Assume that the equipment was sold on April 1 of the fith year for $125,000. 1. Iournalize the entry to record depreciation for the three monthe until the sale date. If an amount box does not require an entry, leave it blank. \begin{tabular}{|c|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} towitise 2. Joumalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students