On 1/7/2009, purchased an equipment for $15,000. The estimated useful life is 5 years.

The equipment has no residual value at the end of its useful life. Prepare Income Statement (extracted) and Balance Sheet (extracted) for 2009, 2010, 2011, 2012, 2013, and 2014! Income Statement Income Statement fty ended 31 Des 2009 fty ended 31 Des 2010 Depreciation Expense - Equipment $ 1,500.00 Depreciation Expense - Equipment Balance Sheet 31 Des 2009 Equipment (-) Accumulated Depreciation - Eq. (Book Value) Balance Sheet 31 Des 2010 $ 15,000.00 Equipment -$ 1,500.00 (-) Accumulated Depreciation - Eq. $ 13,500.00 (Book Value)

On 1/7/2009, purchased an equipment for $15,000. The estimated useful life is 5 years. The equipment has $5,000 as residual value at the end of its useful life. Prepare Income Statement (extracted) and Balance Sheet (extracted) for 2009, 2010, 2011, 2012, 2013, and 2014! Income Statement Income Statement fty ended 31 Des 2009 fty ended 31 Des 2010 Depreciation Expense - Equipment $ 1,000.00 Depreciation Expense - Equipment Balance Sheet 31 Des 2009 Equipment (-) Accumulated Depreciation - Eq. (Book Value) Balance Sheet 31 Des 2010 $ 15,000.00 Equipment -$ 1,000.00 (-) Accumulated Depreciation - Eq. $ 14,000.00 (Book Value)

On 1/7/2014, sold the equipment for $6,000. Prepare the journal entry and IS and BS! Journal Entry: Cash $ 6,000.00 Accumulated Depreciation - Eq. $ 10,000.00 Equipment $ Gain on Sale of Equipment $ $ 16,000.00 $

15,000.00 1,000.00 16,000.00

Purchased equipment on 1 January 2009, cost $10,000, estimated useful life is 5 years, zero residual value. Sold the equipment on 1 July 2010 for $5,000. Is it gain or loss? BV 31/12/2009 $ 8,000.00 BV 1/7/2010 $ 7,000.00 Cash received $ 5,000.00 Loss $ 2,000.00

009, 2010, 2011, 2012, 2013, and 2014! Income Statement Income Statement fty ended 31 Des 2010 fty ended 31 Des 2011 $ 3,000.00 Depreciation Expense - Equipment Balance Sheet 31 Des 2010 $ -$ $ Balance Sheet 31 Des 2011 15,000.00 Equipment 4,500.00 (-) Accumulated Depreciation - Eq. 10,500.00 (Book Value)

3,000.00

$ 15,000.00 -$ 7,500.00 $ 7,500.00

009, 2010, 2011, 2012, 2013, and 2014! Income Statement Income Statement fty ended 31 Des 2010 fty ended 31 Des 2011 $ 2,000.00 Depreciation Expense - Equipment Balance Sheet 31 Des 2010 $ -$ $ Balance Sheet 31 Des 2011 15,000.00 Equipment 3,000.00 (-) Accumulated Depreciation - Eq. 12,000.00 (Book Value)

2,000.00

$ 15,000.00 -$ 5,000.00 $ 10,000.00

IS (2014) Depreciation Expense Gain on Sale of Equipment BS (2014) BLANK

$ -$

1,000.00 1,000.00

e is 5 years, zero residual value.

Income Statement fty ended 31 Des 2012 Depreciation Expense - Equipment Balance Sheet 31 Des 2012 Equipment (-) Accumulated Depreciation - Eq. (Book Value)

Income Statement fty ended 31 Des 2013 3,000.00 Depreciation Expense - Equipment Balance Sheet 31 Des 2013

$ 15,000.00 Equipment -$ 10,500.00 (-) Accumulated Depreciation - Eq. $ 4,500.00 (Book Value)

Income Statement fty ended 31 Des 2012 Depreciation Expense - Equipment Balance Sheet 31 Des 2012 Equipment (-) Accumulated Depreciation - Eq. (Book Value)

Income Statement fty ended 31 Des 2013 2,000.00 Depreciation Expense - Equipment Balance Sheet 31 Des 2013

$ 15,000.00 Equipment -$ 7,000.00 (-) Accumulated Depreciation - Eq. $ 8,000.00 (Book Value)

come Statement nded 31 Des 2013 $

Income Statement fty ended 31 Des 2014 3,000.00 Depreciation Expense - Equipment Balance Sheet 31 Des 2014

1,500.00

Balance Sheet 31 Des 2013

$ 15,000.00 Equipment -$ 13,500.00 (-) Accumulated Depreciation - Eq. $ 1,500.00 (Book Value)

$ 15,000.00 -$ 15,000.00 $ -

come Statement nded 31 Des 2013 $

Income Statement fty ended 31 Des 2014 2,000.00 Depreciation Expense - Equipment Balance Sheet 31 Des 2014

1,000.00

Balance Sheet 31 Des 2013

$ 15,000.00 Equipment -$ 9,000.00 (-) Accumulated Depreciation - Eq. $ 6,000.00 (Book Value)

$ 15,000.00 -$ 10,000.00 $ 5,000.00