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Category > Accounting Posted 19 Aug 2017 My Price 4.00

estimated residual value

PE 9-6A  Sale of equipment

Equipment was acquired at the beginning of the year at a cost of $465,000. The equip- ment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of    $45,000.

a.    What was the depreciation for the first year?

b.    Assuming the equipment was sold at the end of the eighth year for $235,000, deter- mine the gain or loss on the sale of the equipment.

c.     Journalize the entry to record the sale.

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 09:08 PM My Price 4.00

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