Reference no: EM132721963
A piece of equipment acquired on January 3, 1991, at a cost of $25,000, has an estimated useful life of 4 years and an estimated residual value of $5,000
Problem (a) what was the annual amount of depreciation for the years 1991, 1992, 1993 using the straight line method of depreciation?
Problem (b) What was the book value of equipment on January 1, 1994?
Problem (c) Assuming that the equipment was sold on January 2, 1994, for $8,500, journalize to entry to record the sale.
Problem (d) Assuming that the equipment had been sold for $11,500 on January 2,1994, instead of $8,500, journalize the entry to record the sale.
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: Assuming that the equipment had been sold for $11,500 on January 2,1994, instead of $8,500, journalize the entry to record the sale.
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