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Journalize the entry to record the sale

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Reference no: EM132797038

Problem - Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000.

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

b. What was the book value of the equipment on January 1 of Year 4?

c. Assuming that the equipment was sold on January 3 of Year 4 for $300,000, journalize the entry to record the sale.

d. Assuming that the equipment had been sold on January 3 of Year 4 for $325,000instead of $300,000, journalize the entry to record the sale.

Reference no: EM132797038

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