Problems: Set B CHAPTER 9 523 9. 8 Walker Co. to have a useful life the company moved to Walker Co purchased furniture on February 4, 2015, for $70.000 on account. At that time, it was useful lite ofive years and a $1,000 residual value. The furniture was disposed of on January 16, 2010 any moved to new premises. Walker Co uses the diminishing balance method of depreciation w and calculates depreciation for partial period un partial periods to the nearest month. The company has a September 30 year unt. At that time, it was expected of on January 26, 2018, when ice method of depreciation with a 20% Record acquisition, depreciation, and disposal of furniture, (LO 2, 4) AP Instructions (a) Record the acqui (b) Record depreciati (c) Record the disa nord the acquisition of the furniture on February 4, 2015, Record depreciation for each of 2015, 2016, and 2017, cord the disposal on January 26, 2018, under the following assumptions: 1. It was scrapped and has no residual value. 2. It was sold for $30,000. 3. It was sold for $40.000. 4. It was traded for new furniture with a catalogue price of $100.000. Walker Co. was given a trade-in allow ance of $45,000 on the old furniture and paid the balance in cash. Walker Co. determined that the old furniture's fair value was $30,000 at the date of the exchange. Problems: Set B CHAPTER 9 523 9. 8 Walker Co. to have a useful life the company moved to Walker Co purchased furniture on February 4, 2015, for $70.000 on account. At that time, it was useful lite ofive years and a $1,000 residual value. The furniture was disposed of on January 16, 2010 any moved to new premises. Walker Co uses the diminishing balance method of depreciation w and calculates depreciation for partial period un partial periods to the nearest month. The company has a September 30 year unt. At that time, it was expected of on January 26, 2018, when ice method of depreciation with a 20% Record acquisition, depreciation, and disposal of furniture, (LO 2, 4) AP Instructions (a) Record the acqui (b) Record depreciati (c) Record the disa nord the acquisition of the furniture on February 4, 2015, Record depreciation for each of 2015, 2016, and 2017, cord the disposal on January 26, 2018, under the following assumptions: 1. It was scrapped and has no residual value. 2. It was sold for $30,000. 3. It was sold for $40.000. 4. It was traded for new furniture with a catalogue price of $100.000. Walker Co. was given a trade-in allow ance of $45,000 on the old furniture and paid the balance in cash. Walker Co. determined that the old furniture's fair value was $30,000 at the date of the exchange