Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $152,470...

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Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $152,470 has an estimated useful life of 18 years, has an estimated residual value of $8,650, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 52 120,510 Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the fifth year for $111,947. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Depreciation Expense-Equipment Accumulated Depreciation-Equipment X X X Feedback Check My Work The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold. The straight-line method of depreciation calculates the amount of depreciation to be recognized each year. Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $152,470 has an estimated useful life of 18 years, has an estimated residual value of $8,650, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 52 120,510 Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the fifth year for $111,947. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Depreciation Expense-Equipment Accumulated Depreciation-Equipment X X X Feedback Check My Work The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold. The straight-line method of depreciation calculates the amount of depreciation to be recognized each year.

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a To find the book value of the equipment at the end of the fourth year we need to calculate the acc... View the full answer