question archive Equipment was acquired at the beginning of the year at a cost of $637,500
Equipment was acquired at the beginning of the year at a cost of $637,500
Subject:AccountingPrice:2.86 Bought4
Equipment was acquired at the beginning of the year at a cost of $637,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,740.
a. What was the depreciation for the first year? Round your answer to the nearest cent.
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b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $106,915. Round your answer to the nearest cent. Enter your answer as a positive amount.
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c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.
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