Solved: Equipment acquired on january 5 2009 at a cost of 380000, Financial Accounting

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Equipment acquired on january 5 2009 at a cost of 380000

Entries for Sale of Fixed Asset

Equipment acquired on January 5, 2009, at a cost of $380,000, has an estimated useful life of 16 years, has an estimated residual value of $40,000, and is depreciated by the straight-line method.

a.What was the book value of the equipment at December 31, 2012, the end of the year?

b.Assume that the equipment was sold on July 1, 2013, for $270,000.

1.Journalize the entry to recorddepreciationfor the six months until the sale date.

2.Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank or enter "0".

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Financial Accounting: Equipment acquired on january 5 2009 at a cost of 380000

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Financial Accounting: Equipment acquired on january 5 2009 at a cost of 380000

Reference No:- TGS0764120

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