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35250+37600+28200+18800= 119850 accumulated depreciation

Howarth Manufacturing Company purchased a lathe on June 30, 2014, at a cost of $155,000. The residual value of the lathe was estimated to be $14,000 at the end of a five-year life. The lathe was sold on March 31, 2018, for $48,000. Howarth uses the straight- line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service Required 1. Prepare a schedule to calculate the gain or loss on the sale 2. Prepare the journal entry to record the sale 3. Assuming that Howarth had instead used the sum-of-the-years'-digits depreciation method, prepare the journal entry to record the sale Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Assuming that Howarth had instead used the sum-of-the-years'-digits depreciation method, prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Event General Journal Debit 48,000 119,850 0 Credit Cash Accumulated depreciation-lathe Gain on sale 12,850 Lathe 155,000 Required 2 Required 3

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