Homework Answers
ANSWER:
depreciation = (initial cost - salvage value)/useful life
= ($49700 - $3500)/6
= $7700
| Date | Particulars | Debit | Credit |
|---|---|---|---|
| 4/1/2011 |
equipment Cash |
$49700 . |
. $49700 |
| 12/31/2011 |
depreciation expense Accumulated depreciation |
$7700 . |
. $7700 |
| 12/31/2012 |
depreciation expense Accumulated depreciation |
$7700 . |
. $7700 |
| 3/31/2013 |
depreciation expense {$7700 x (3/12)} Accumulated depreciation |
$1925 . |
. $1925 |
| 3/31/2013 |
cash/bank accumulated depreciation Gain on sale of equipment Equipment |
$36400 $17325 . |
. . $4025 $49700 |
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