Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $147,890...

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Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $147,890 has an estimated useful life of 17 years, has an estimated residual value of $9,000, 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? b. Assuming that the equipment was sold on April 1 of the fifth year for $107,207. 1. Journalize the entry to record depreciation for the 3 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. Debit Credit Account 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $147,890 has an estimated useful life of 17 years, has an estimated residual value of $9,000, 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? b. Assuming that the equipment was sold on April 1 of the fifth year for $107,207. 1. Journalize the entry to record depreciation for the 3 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. Debit Credit Account 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.

Answer rating: 100% (QA)

a Book Value at December 31 of the Fourth Year 1 Annual Depreciation Calculation Cost of equipment 147890 Residual value 9000 Useful life 17 years Annual Depreciation 147890 9000 17 846824 per year 2 Book Value at the end of the Fourth Year Book Value 147890 4 846824 11048504 b Journalize the Entry to Record Depreciation for the 3 Months Until the Sale Date 1 Monthly Depreciation Calculation Monthly Depreciation Annual Depreciation 12 months 846824 12 70569 per month 2 Depreciation for 3 months Depreciation for 3 months 70569 3 211707 3 Journal Entry for Depreciation Debit Depreciation Expense 2117 Credit Accumulated Depreciation 2117 c Journalize the Entry to Record the Sale of the Equipment 1 ... View the full answer