Solution-What was the depreciation for the first year

What was the depreciation for the first year

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Reference no: EM132955534

Equipment was acquired at the beginning of the year at a cost of $662,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $48,330.

Problem a. What was the depreciation for the first year? Round your answer to the nearest cent.

Problem b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $109,986.

Problem 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.

Reference no: EM132955534

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What was the depreciation for the first year

Reference no: EM132955534

Reference no: EM132955534

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