Homework Answers
| a | ||
| Depreciation for first year = 33250*20%= $6650 | ||
| b | ||
| Depreciation for second year =(33250-6650)*20%= $5320 | ||
| Book value at the date of sale = 33250-(6650+5320)= $21280 | ||
| Loss on sale of Equipment = 21280-7680= $13600 | ||
| c | ||
| Cash | 7680 | |
| Accumulated depreciation-Equipment | 11970 | |
| Loss on sale of Equipment | 13600 | |
| Equipment | 33250 | |
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