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Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $189,200 has an estimated useful life of 20 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? $ 153,160 Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for $145,157. 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. Account Depreciation Expense-Equipment Accumulated Depreciation-Equipment Debit Credit x X 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. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment

Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $189,200 has an estimated useful life of 20 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? $ 153,160 Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for $145,157. 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. Account Depreciation Expense-Equipment Accumulated Depreciation-Equipment Debit Credit x X 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. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter10: Long-lived Tangible And Intangible Assets
Section: Chapter Questions
Problem 29P
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Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $189,200 has an estimated useful life of 20 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? $ 153,160 Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for $145,157. 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. Account Depreciation Expense-Equipment Accumulated Depreciation-Equipment Debit Credit x X
Transcribed Image Text:Entries for sale of fixed asset Equipment acquired on January 8 at a cost of $189,200 has an estimated useful life of 20 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? $ 153,160 Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for $145,157. 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. Account Depreciation Expense-Equipment Accumulated Depreciation-Equipment Debit Credit x X
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. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment
Transcribed Image Text: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. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment
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