Annual depreciation = (35500-7000)/5 = $5700
Depreciation for 2018 = 5700*4/12 = $1900
Net Book value as on April 30 2018 = 35500 - 5700*2-1900 = $22200
Date | Accounts and Explanation | Debit | Credit |
Apr. 30 | Depreciation Expense | $1900 | |
Accumulated Depreciation | $1900 | ||
Apr. 30 | Cash | $17700 | |
Accumulated Depreciation (5700*2+1900) | $13300 | ||
Loss on sale of asset | $4000 | ||
Fixtures | $35500 |
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