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Journalize the entry to record the sale

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Equipment was acquired at the beginning of the year at a cost of $575,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $48,585.

Question 1a. What was the depreciation for the first year? Round your answer to the nearest cent.

Question 1b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $100,671. Round your answer to the nearest cent and enter as a positive amount.

Question 1c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Reference no: EM132465277

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