Equipment has a cost of $440,000, an estimated life of 5 years, a residual value...
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Accounting
Equipment has a cost of $440,000, an estimated life of 5 years, a residual value of $90,000, and is depreciated by the straight-line method. The equipment was purchased on January 1st, 2018.
a) Calculate the depreciation expense for 2020 (Reminder: In Straight Line Method, Show all entries from 2018 to 2020) b) What is the journal entry to record depreciation expense for 2020? c) The asset is sold for $280,000 December 31, 2020. What is the journal entry to record the sale? d) What is the journal entry if the asset was sold for $200,000 instead of 280,000?
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