Ex 9-18 Â Disposal of fixed asset
Equipment acquired on January 6, 2013, at a cost of $425,000, has an estimated useful life of 16 years and an estimated residual value of $65,000
a.    What was the annual amount of depreciation for the years 2013, 2014, and  2015 using the straight-line method of depreciation?
b.    What was the book value of the equipment on January 1, 2016?
c.    Assuming that the equipment was sold on January 3, 2016, for $340,000, journalize the entry to record the sale.
d.    Assuming that the equipment had been sold on January 3, 2016, for $372,500 instead of $340,000, journalize the entry to record the sale.
Answers
Status NEW
Posted 19 Aug 2017 09:08 PM
My Price 6.00
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