Equipment acquired on January 1 at a cost of $168,000 has an estimated useful life of...
Equipment acquired on January 1 at a cost of $168,000 has an estimated useful life of 18years, has an estimated residual value of $15,000, and is depreciated by the straight-line method.
A. What was the book value of the equipment at Dec 31 the end of the 4th year ?
B. Assuming that the equipment was sold on on April 1 of the 5th year for $125,000, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment.
please show all work
Homework Answers
a) Book value = Original Cost-Accumulated depreciation = 168000-(168000-15000/18*4) = 134000
b) Journal entry
| Date | account and explanation | Debit | Credit |
| Apr 1 | Depreciation expense (168000-15000/18)*3/12 | 2125 | |
| Accumulated depreciation-equipment | 2125 | ||
| Apr 1 | Cash | 125000 | |
| Accumulated depreciation-equipment (8500*4+2125) | 36125 | ||
| Loss on sale of equipment | 6875 | ||
| Equipment | 168000 |
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