Reference no: EM13491765
Equipment acquired on January 3, 2005, at a cost of $147,500, has an estimated useful life of eight years and an estimated residual value of $ 17,500.
(A) What was the annual amount of depreciation for the years 2005, 2006, and 2007, using the straight-line method of depreciation?
(B) What was the book value of the equipment of January 1, 2008?
(c) Assuming that the equipment was sold on January 2, 2008, for $95,000, journalize the entry to record the sale.
(D) Assuming that the equipment had been sold on January 2, 2008, for $100,000 instead of $95,000, journalize the entry to record the sale.
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: Equipment acquired on January 3, 2005, at a cost of $147,500, has an estimated useful life of eight years and an estimated residual value of $ 17,500.
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