Equipment Was Acquired at the Beginning of the Year at a Cost

question 208

Essay

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 on an estimated useful life of six years and an estimated residual value of $7,500.
(a)What was the depreciation expense for the first year?
(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.
(c)Journalize the entry to record the sale.

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Definitions:

Free-Rein Leadership

A leadership style where employees are given significant autonomy and decision-making power.

Own Decisions

Personal or organizational choices made independently without external influence.

Decentralization

Decision making based at lower levels of the organization.

Operating Employees

Staff members who are directly involved in the day-to-day operations of a business, contributing to its core activities and services.