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Category > Accounting Posted 01 Jun 2017 My Price 7.00

Equipment acquired on January 3, 2004, at a cost of $96,000

Equipment acquired on January 3, 2004, at a cost of $96,000, has an estimated useful life of six years and an estimated residual value of  $6,000.

a.        What was the annual amount of depreciation for the years 2004, 2005, and 2006, using the straight-line method of depreciation?b.       What was the book value of the equipment on January 1, 2007?

c.        Assuming that the equipment was sold on January 2, 2007, for $38,000, journalize the en- try to record the sale.

d.       Assuming that the equipment had been sold on January 2, 2007, for $53,000 instead of

$38,000, journalize the entry to record the  sale.

 

 

 
 

Answers

Alpha Geek
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Status NEW Posted 01 Jun 2017 09:06 AM My Price 7.00

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file 1496310154-Answer.docx preview (116 words )
S-----------olu-----------tio-----------n: ----------- a-----------. W-----------hat----------- wa-----------s t-----------he -----------ann-----------ual----------- am-----------oun-----------t o-----------f d-----------epr-----------eci-----------ati-----------on -----------for----------- th-----------e y-----------ear-----------s 2-----------004-----------, 2-----------005-----------, a-----------nd -----------200-----------6, -----------usi-----------ng -----------the----------- st-----------rai-----------ght------------li-----------ne -----------met-----------hod----------- of----------- de-----------pre-----------cia-----------tio-----------n? -----------Str-----------aig-----------ht------------lin-----------e m-----------eth-----------od:----------- Ye-----------ars----------- 20-----------04,----------- 20-----------05 -----------and----------- 20-----------06 -----------dep-----------rec-----------iat-----------ion----------- = -----------($9-----------6,0-----------00 -----------–----------- $6----------- ,0-----------00)----------- / -----------6ye-----------ars----------- = -----------$90-----------,00-----------0 /----------- 6 -----------= $-----------15,-----------000----------- pe-----------r y-----------ear-----------. ----------- b.----------- Th-----------e b-----------ook----------- va-----------lue----------- of----------- th-----------e e-----------qui-----------pme-----------nt -----------on -----------Jan-----------uar-----------y 1-----------, 2-----------007----------- = -----------$51-----------,00-----------0 Y-----------ear----------- Bo-----------ok -----------val-----------ue -----------at -----------Beg-----------inn-----------ing----------- of----------- th-----------e y-----------ear----------- De-----------pre-----------cia-----------tio-----------n B-----------ook----------- va-----------lue----------- at----------- th-----------e e-----------nd -----------of -----------the----------- ye-----------ar -----------Jan----------- 20-----------04
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