Equipment was acquired at the beginning of the year at a cost of 41 250...
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Equipment was acquired at the beginning of the year at a cost of 41 250 The equipment was depreciated using the double declining balance method based or estimated useful life of ten years and an estimated residual value of 800 a What was the depreciation for the first year b Assuming the equipment was sold at the end of year 2 for 9 530 determine the gain or loss on the sale of the equipment Loss Feedback Check My Work c Journalize the entry on December 31 to record the sale If an amount box does not require an entry leave it blank December 31 Cash Accumulated Depreciation Equipment Loss on Sale of Four
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