Assuming that the equipment was sold on january 2 2008

Reference no: EM13614750

Equipment acquired on January 3, 2005, at a cost of $147,500,has an estimated useful life of eight years and an estimatedresidual value of $17,500.

1. What was the annual amount of depreciation for the years 2005,2006, and 2007, using the straight-line method ofdepreciation?

2. What was the book value of the equipment on January 1,2008?

3. Assuming that the equipment was sold on January 2, 2008, for$95,000, illustrate the effects on the accounts and financialstatements of the sale.

4. Assuming that the equipment had been sold on January 2, 2008,for $100,000 instead of $95,000, illustrate the effects on theaccounts and financial statements of the sale.

Reference no: EM13614750

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