The balance sheets of Tully Corp. showed the following at December 31, 2017, and 2016: December...

 

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The balance sheets of Tully Corp. showed the following at December 31, 2017, and 2016: December 31, 2017 December 31, 2016 Equipment, less accumulated depreciation of $11,800 at December 31, 2017, and $69,875 at December 31, 2016. $ 81,000 $ 122,925 value: Required infoi 1.00 points 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 2017? Depreciation expense 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 $25,100. b-1. What was the original cost of the equipment? Original cost b-2. What depreciation method is apparently being used? Straight-line method Double-declining balance method Written down value method Sum-of-the-years' digits method Units of production method b-3. When the equipment was acquired? May 1, 2015 July 1, 2014 August 1, 2015 June 1, 2014 May 1, 2014 O0000 00000 c-2. Assume that the equipment is sold on December 31, 2017, for $70,000. Record the journal entry for sale of the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of the equipment. Note: Enter debits before credits. Event General Journal Debit Credit 1. Record entry Clear entry View general journal The balance sheets of Tully Corp. showed the following at December 31, 2017, and 2016: December 31, 2017 December 31, 2016 Equipment, less accumulated depreciation of $11,800 at December 31, 2017, and $69,875 at December 31, 2016. $ 81,000 $ 122,925 value: Required infoi 1.00 points 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 2017? Depreciation expense 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 $25,100. b-1. What was the original cost of the equipment? Original cost b-2. What depreciation method is apparently being used? Straight-line method Double-declining balance method Written down value method Sum-of-the-years' digits method Units of production method b-3. When the equipment was acquired? May 1, 2015 July 1, 2014 August 1, 2015 June 1, 2014 May 1, 2014 O0000 00000 c-2. Assume that the equipment is sold on December 31, 2017, for $70,000. Record the journal entry for sale of the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of the equipment. Note: Enter debits before credits. Event General Journal Debit Credit 1. Record entry Clear entry View general journal

Answer rating: 100% (QA)

a Accumulated depreciation for 2017 111800 Less Accu... View the full answer