ntMain.doinvoker= assi nment-take&inprogress-false; Disposal of Fixed Asset Equi

Question

ntMain.doinvoker= assi nment-take&inprogress-false; Disposal of Fixed Asset Equipment acquired on January 4, 2013, at a cost of $322,900, has an estimated useful life of nine years and an estimated residual value of $42,100. a. What was the annual amount of depreciation for the years 2013, 2014, and 2015, using the straight line method of depreciation? Depreciation Expense Year 2013 2014 2015 b. What was the book value of the equipment on January 1, 2016? c. Assuming that the equipment was sold on January 9, 2016, for $217,800, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Check My Work 7 more Check dy en uses remaining Previous Next All work saved. 7:27 PM /11/2018

Explanation / Answer

a) Depreciation expense :

b) Book value of january 1,2016 = 322900-(31200*3) = 229300

c) Journal entry :

Year Depreciation expense 2013 (322900-42100/9) = 31200 2014 31200 2015 31200

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