eBook Show Me How fEquipment Equipment was acquired at the beginning of the year at a...
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eBook Show Me How fEquipment Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $49,305. a. What was the depreciation for the first year? Round your answer to the nearest cent. 54,243.9 b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $96,274. Round your answer to the nearest cent. Enter your answer as a positive amount. 103,549 Loss c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Cash Accumulated Depreciation-Equipment Gain on Sale of Equipment Equipment 96.274 eBook Show Me How fEquipment Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $49,305. a. What was the depreciation for the first year? Round your answer to the nearest cent. 54,243.9 b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $96,274. Round your answer to the nearest cent. Enter your answer as a positive amount. 103,549 Loss c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Cash Accumulated Depreciation-Equipment Gain on Sale of Equipment Equipment 96.274
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Answer rating: 100% (QA)
a Cost 537500 Less Residual value 47975 Depreciable cost 489525 Divide by U... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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