Equipment was acquired at the beginning of the year at a cost of $465,000. the equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000.
a. what was the depreciation for the first year?
$
b. assuming the equipment was sold at the end of the eighth year for $235,000, determine the gain or loss on the sale of the equipment.
$
loss
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c. journalize the entry to record the sale. if an amount box does not require an entry, leave it blank.

a. The value depreciation for the first year is $28000.

b. There will be a loss of sale of the equipment by $6000.

Step-by-step explanation:

Equipment was purchased at the beginning at a cost of $465,000.

Now, the price of the equipment depreciates in a linear manner i.e. depreciates equally every year.

The price of the equipment is depreciated to $45000 after 15 years of its estimated useful life.

So, the per year depreciation of value of the equipment will be dollars per year.

a. The value depreciation for the first year is $28000. (Answer)

b. The depreciated value of the equipment after 8 years will be $[465000 - (28000 × 8)] = $241000.

If the equipment was sold for $235000 at the end of the eighth year, then there will be a loss by $(241000 - 235000) = $6000. (Answer)

okay wait before i answer, is this for your points on a graph?