Homework Answers
Answer - (c) -
Journal Entry to record the sale
| General Journal | Debit ($) | Credit ($) |
|
Cash [Given in question] Accumulated Depreciation--Equipment [$59768.33 * 8 years] Loss on Sale of Equipment [Balancing figure] Equipment [Given in question] |
104848 478147 4505 - |
- - - 587500 |
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Journal C please
Sale of Equipment Equipment was acquired at the beginning of the year at...
Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $587,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $45,390. a. What was the depreciation for the first year? Round your answer to the nearest cent. $ b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it...
Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,620. a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain (loss) on the sale of the equipment, assuming it...
elook Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $662.500. The eguipment was depreciated using the straight-line method based on an estimated useful ife of 9 years and an estimated residual value of $46.335 a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it...
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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $33,250. The equipment was depreciated using the double-declining-balance method based orn an estimated useful life of ten years and an estimated residual value of $650. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $7,680, determine the gain or loss on the sale of the equipment. c. Journalize the entry to...
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