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Equipment acquired on January 6 at a cost of $342,200 has an estimated useful life of 8 years and an estimated residual value of $44,600. Question Content Area a.  What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 fill in the blank 1 of 3$ Year 2 fill in the blank 2 of 3$ Year 3 fill in the blank 3 of 3$ b.  What was the book value of the equipment on January 1 of Year 4?fill in the blank 1 of 1$   Feedback Area   Feedback   Question Content Area c.  Assuming that the equipment was sold on January 3 of Year 4 for $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit January 3                                 Feedback Area   Feedback   Question Content Area d.  Assuming that the equipment had been sold on January 3 of Year 4 for $235,200 instead of $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit January 3

Equipment acquired on January 6 at a cost of $342,200 has an estimated useful life of 8 years and an estimated residual value of $44,600. Question Content Area a.  What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 fill in the blank 1 of 3$ Year 2 fill in the blank 2 of 3$ Year 3 fill in the blank 3 of 3$ b.  What was the book value of the equipment on January 1 of Year 4?fill in the blank 1 of 1$   Feedback Area   Feedback   Question Content Area c.  Assuming that the equipment was sold on January 3 of Year 4 for $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit January 3                                 Feedback Area   Feedback   Question Content Area d.  Assuming that the equipment had been sold on January 3 of Year 4 for $235,200 instead of $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Date Account Debit Credit January 3

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.5: Declining-balance Method Of Depreciation
Problem 1OYO
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Question

Equipment acquired on January 6 at a cost of $342,200 has an estimated useful life of 8 years and an estimated residual value of $44,600.

Question Content Area

a.  What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation?

Year Depreciation Expense
Year 1 fill in the blank 1 of 3$
Year 2 fill in the blank 2 of 3$
Year 3 fill in the blank 3 of 3$

b.  What was the book value of the equipment on January 1 of Year 4?
fill in the blank 1 of 1$

 

Feedback Area

 
Feedback
 

Question Content Area

c.  Assuming that the equipment was sold on January 3 of Year 4 for $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Date Account Debit Credit
January 3
 
    
 
 
    
 
 
    
 
 
    
 

Feedback Area

 
Feedback
 

Question Content Area

d.  Assuming that the equipment had been sold on January 3 of Year 4 for $235,200 instead of $219,100, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Date Account Debit Credit
January 3
 
    
 
 
    
 
 
    
 
 
    
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