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Discuss the straight-line method of depreciation

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Equipment acquired on january 6, 2013, at a cost of $425,000 has estimated useful life of 16 years and an estimated residual value of $65,000 A. what is the annual amount of depreciation for the years 2013, 2014, and 2015 using the straight-line method of depreciation? b. what is the book value of the equipment on Jan 1, 2015? c. Assuming that the equipment was sold on Jan 3, 2016 for $340,000, journalize the entry to record the sale. d. assuming that the equipment had been sold on Jan 3 2016, for 372,500, instead of 340,000, journalize the entry to record the sale.

Reference no: EM131759373

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