Question: Help!!!! Please answer both a, b and c. Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account

Help!!!! Please answer both a, b and c.

Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of depreciation expense for 2020 ? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment is four years and the estimated salvage value is $28,700. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that the equipment is sold on December 31, 2020, for $66,100. Prepare the horizontal model and record the journt for the sale of the equipment. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
