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wengu Printem Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $562,500. The eauipment was deprecated using the straight toe method based on an estimated useful life of 9 years and an estimated residual value of $49,970. a. What was the depreciation for the first year? Round your answer to the nearest cent. 56,947.78 b. Using the rounded amount from Parta in your computation, determine the pain or loss on the sale of the element, assuming it was sold at the end of year eight for $100.793. Round your answer to the nearest cent. Enter your answer as a positive amount 207,710.78 Loss Feedback Check My Work Book value is the asset cost minus accumulated depreciation Compare the book value to the sole price. If the book value is more than the price, tegument was sold for a loss the book ve equipment was sold for again c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answer to the nearest cent. Prev Not > Depletion Caldwell Mining Co. acquired mineral rights for $144,500,000. The mineral deposit is estimated at 85,000,000 tons. During the current year, 17,850,000 tons were mined and sold a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry leave it blank. Dec. 31 10

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