Question

Equipment was acquired at the beginning of the year at a cost of $465,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000.
a. What was the depreciation for the first year?
b. Assuming the equipment was sold at the end of the eighth year for $235,000 determine the gain or loss on the sale of the equipment.
c. Journalize the entry to record the sale.



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  • CreatedFebruary 28, 2014
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