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

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $176,530...

50.1K

Verified Solution

Question

Accounting

Entries for Sale of Fixed Asset

Equipment acquired on January 8 at a cost of $176,530 has anestimated useful life of 17 years, has an estimated residual valueof $9,250, and is depreciated by the straight-line method.

a. What was the book value of the equipment at December 31 theend of the fourth year?

b. Assume that the equipment was sold on April 1 of the fifthyear for $129,660.

1. Journalize the entry to record depreciation for the threemonths until the sale date. If an amount box does not require anentry, leave it blank. Round your answers to the nearest wholedollar if required.

2. Journalize the entry to record the sale of the equipment. Ifan amount box does not require an entry, leave it blank. Do notround intermediate calculations.

Answer & Explanation Solved by verified expert
4.1 Ratings (581 Votes)
ab1April 1 5th yearDepreciation expense    See Answer
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

Geometry
1.2K views

4 In the diagram below MR 8 Determine the length of NM and RN R...

Finance
1.2K views

1.         A(n) ________________ mutual fund invests funds in short-term securities like Treasury bills, jumbo CDs, and commercial...

Medical Sciences
1.2K views

describe the physiological functions of somatic motor neurons

Chemistry
1.2K views

What is the molar solubility of iron(III) hydroxide (Ksp = 2.5 x 10-39) in water at...

General Management
1.2K views

Discuss how products can be adapted physically and culturally for foreign markets. Do you agree if...

Statistics
1.2K views

Stress at work: In a poll about work, 82% of respondents said that their jobs...

Statistics
1.2K views

Which of the following symbols represents a parameter Og 08 Os OF

Accounting
1.2K views

Tony's marginal income tax rate is 30% and he is subject to FICA taxes of...

Accounting
1.2K views

a- How long should accounts payable be held before payment is made? b- Suppose management...

Accounting
1.2K views

Copy Center paga un salario promedio de $13 por hora a los empleados por trabajos...

Accounting
1.2K views

Use the dollar-value LIFO method to compute the ending inventory for Wilson Company for 2021...

Accounting
1.2K views

please assist Example 1: Regal Company reports the following