Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. equipment acquired on january 6 at a cost of $397,

Equipment acquired on January 6 at a cost of $397,400, has an estimated useful life...

60.1K

Verified Solution

Question

Accounting

image

Equipment acquired on January 6 at a cost of $397,400, has an estimated useful life of 9 years and an estimated residual value of $51,800. . What was the annual amount of depreclation f r the Years 1-3 using the stralght-line method of depreclation? Depreciation Expense Year s38,400 Year 1 s38,400 Year 2 38,400 Year 3 , What was the book value of the equipment on January 1 of Year 4? 282,200 Fandbado PCheck My WWork . Assuming that the equipment was sold on January 3 F Year 4 for $268,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash 268.100 Accumulated Depreciation-Equipment 115,200 Loss on Sale of Equipment Equipment Fecdbaco hock My Work d. Assuming that the equipment had been sold on January 3 of Year 4 for $287,800 instead of $268,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash 287,800 Accumulated Depreclation-Equipment Equipment 268,100 X 268,100 Gain on Sale of Equipment 19.700 X 268.100 X

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