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

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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
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