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$1.00 Accounting

  • From Business: Accounting
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  • Due on Apr. 26, 2012
  • Asked on Apr. 23, 2012 at 04:55:39AM
Asked by :
illinoise23
illinoise23 Not confirmed
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Q:

1. Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500.

  1. a)  What was the depreciation for the first year?

  2. b)  Assuming the equipment was sold at the end of the second year for $59,000,

    determine the gain or loss on sale of the equipment.

  3. c)  Journalize the entry to record the sale. 

 

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  • Posted on Apr. 23, 2012 at 05:11:06AM
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Preview: ... l the assi ...
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  • Posted on Apr. 23, 2012 at 05:18:21AM
Posted by :
Umeed
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A:
Preview: ... 0 you now have an adjusted cost 52,500. Subtract the 52,500 from the 59,000 and your profit was $6500. Question C - cash would increase by $59,000 ...
The full tutorial is about 127 words long .