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Journalize the entry to record the sale

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Question - Disposal of fixed asset

Equipment acquired on January 6 at a cost of $401,300 has an estimated useful life of 18 years and an estimated residual value of $25,100.

a. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation?

b. What was the book value of the equipment on January 1 of Year 3?

c. Assuming that the equipment was sold on January 3 of Year 4 for $315,000, journalize the entry to record the sale.

d. Assuming that the equipment had been sold on January 3 of Year 4 for $342,000 instead of $315,000, journalize the entry to record the sale.

Reference no: EM132610408

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