Solution-What was the annual amount of depreciation for the

What was the annual amount of depreciation for the years

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Question - Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000.

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

b. What was the book value of the equipment on January 1 of Year 4?

c. Assuming that the equipment was sold on January 3 of Year 4 for $300,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

d. Assuming that the equipment had been sold on January 3 of Year 4 for $325,000 instead of $300,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Reference no: EM132774078

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What was the annual amount of depreciation for the years

Reference no: EM132774078

Reference no: EM132774078

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