55,000 bense OBJ. 2,3 ginning of a fis- residual value of ternative methods data presented to PR 10-

55,000 bense OBJ. 2,3 ginning of a fis- residual value of ternative methods data presented to PR 10-48 Depreciation by two methods; sale of fixed asset of $110,000 at the beginning of New tire retreading equipment, acquired at a cos cal year, has an estimated useful life of four years and an estimated residua 300. The manager requested information regarding the effect of alternativ on the amount of depreciation expense each year. On the basis of the data de the manager, the double-declining-balance method was selected. In the first week of the fourth year, the equipment was sold for $18,000. Instructions 1. Determine the annual depreciation expense for each of the estimated four ve use, the accumulated depreciation at the end of each year, and the book value equipment at the end of each year by (a) the straight-line method and (b) the de declining-balance method. The following columnar headings are suggested for schedule: ated four years of d (b) the double t Year Ver A Depreciation Expense Accumulated Depreciation, End of Year Book Value, End of Year br 2. Journalize the entry to record the sale. 3. Journalize the entry to record the sale, assuming that the equipment sold for $10,500 instead of $18,000.

 

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