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Equipment acquired on January 6, 2011, at a cost of $714,000, has an estimated useful life of 12 years and...

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Equipment acquired on January 6, 2011, at a cost of $714,000, has an estimated useful life of 12 years and an estimated residual value of $44,400.;a. What was the annual amount of depreciation for the years 2011, 2012, and 2013, using the straight-line method of depreciation?;Year Depreciation Expense;2011 $;2012 $;2013 $;b. What was the book value of the equipment on January 1, 2014?;$;Hide;c. Assuming that the equipment was sold on January 3, 2014, for $525,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

 

Paper#76515 | Written in 18-Jul-2015

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