Sale of equipment useful life of ten years and an estimated residual value of...
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Accounting
Sale of equipment useful life of ten years and an estimated residual value of $ a What was the depreciation for the first year? $ b Assuming the equipment was sold at the end of year for $ determine the gain or loss on the sale of the equipment. Feedback Check My Work Book value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depreciation account is zero. the equipment was sold for a gain. c Journalize the entry on December to record the sale. If an amount box does not require an entry, leave it blank. December Feedback Check Mv Work 
Sale of equipment
useful life of ten years and an estimated residual value of $
a What was the depreciation for the first year?
$
b Assuming the equipment was sold at the end of year for $ determine the gain or loss on the sale of the equipment.
Feedback
Check My Work
Book value is the asset cost minus accumulated depreciation. In the first year, the balance in the accumulated depreciation account is zero.
the equipment was sold for a gain.
c Journalize the entry on December to record the sale. If an amount box does not require an entry, leave it blank.
December
Feedback
Check Mv Work
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