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What was the depreciation for the first year

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Reference no: EM132682055

Problem - Sale of equipment

Equipment was acquired at the beginning of the year at a cost of $450,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 10 years and an estimated residual value of $60,000.

Required -

a. What was the depreciation for the first year?

b. Assuming the equipment was sold at the end of the second year for $319,500, determine the gain or loss on the sale of the equipment.

c. Journalize the entry to record the sale.

Reference no: EM132682055

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