# Disposal of Fixed Asset Assignment

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## Disposal of Fixed Asset Assignment

Disposal of Fixed Asset Assignment Disposal of Fixed Asset January 6 at a cost of \$386,400, has an estimated useful life of 8 years and an estimated residual value of \$50,400. Equipment acquired on a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense \$ Year 1 \$ Year 2 \$ Year 3 b. What was the book value of the equipment on January 1 of Year 4? C c. Assuming that the equipment was sold on January 3 of Year 4 for \$247,400, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank d. Assuming that the equipment had been sold on January 3 of Year 4

## Disposal of Fixed Asset Assignment

Disposal of Fixed Asset January 6 at a cost of \$386,400, has an estimated useful life of 8 years and an estimated residual value of \$50,400. Equipment acquired on a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation?

Year Depreciation Expense \$ Year 1 \$ Year 2 \$ Year 3 b. What was the book value of the equipment on January 1 of Year 4? C c. Assuming that the equipment was sold on January 3 of Year 4 for \$247,400, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank d. Assuming that the equipment had been sold on January 3 of Year 4 for \$265,600 instead of \$247,400, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

Disposal of Fixed Asset Assignment

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