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Question - Docker Company purchased equipment on September 18, Year 6, for $500,000. The estimated useful life is 8 years and residual value is $60,000. On March 24, Year 12, they sold the equipment for $140,000. Year end is December 31st and the company rounds depreciation to the nearest month.
Required - Provide all journal entries necessary for the sale of the equipment under the following conditions. You must also show your clearly labelled calculations. An answer with no supporting calculations will receive a mark of zero for this question.
1. Docker uses straight line depreciation.
2. Docker uses double declining balance depreciation.
Calculate the company's residual income for the year. Average Operating Assets, Net Operating Income, Minimum Required Return and Residual Income.
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