Equipment acquired on January 6, 2013, at a cost of $425,000, has an estimated useful life of
Question:
a. What was the annual amount of depreciation for the years 2013, 2014, and 2015 using the straight-line method of depreciation?
b. What was the book value of the equipment on January 1, 2016?
c. Assuming that the equipment was sold on January 3, 2016, for $340,000, journalize the entry to record the sale.
d. Assuming that the equipment had been sold on January 3, 2016, for $372,500 instead of $340,000, journalize the entry to record the sale?
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Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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