accounting problems for ACCOUNTING tutors only

Apr 24th, 2015
Price: $5 USD

Question description

Problem #4:  Disposal of fixed asset (show your work/calculations for each section in addition to answering the item)

Equipment acquired on January 4, 2009, at a cost of $425,000, has an estimated useful life of nine years and an estimated residual value of $65,000.

a. What was the annual amount of depreciation for the years 2009, 2010, and 2011, using the straight-line method of depreciation?

b. What was the book value of the equipment on January 1, 2012?

c. Assuming that the equipment was sold on January 9, 2012, for $290,000, journalize the entry to record the sale.

d. Assuming that the equipment had been sold on January 9, 2012, for $310,000 instead of $290,000, journalize the entry to record the sale.

Tutor Answer

(Top Tutor) Daniel C.
School: University of Virginia

Studypool has helped 1,244,100 students

On Time
Mar 24th, 2017
" The best tutor out there!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1827 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors