## Answers

**Solution a:**

Annual depreciation on equipment = (Cost - residual value) / useful life = ($111,750 - $9,550) / 14 = $7,300

Book value of equipment at the end of year 4 = $111,750 - ($7,300*4) = $82,550

**Solution b:**

Journal Entries | ||||

Event | Date | Particulars | Debit | Credit |

1 | 1-Apr | Depreciation expense Dr | $1,825.00 | |

To Accumulated depreciation - equipment | $1,825.00 | |||

(To record partial year depreciation_ | ||||

2 | 1-Apr | Cash Dr | $75,510.00 | |

Accumulated depreciation - Equipment Dr | $31,025.00 | |||

Loss on sale of equipment Dr | $5,215.00 | |||

To equipment | $111,750.00 | |||

(To record sale of equipment) |

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