(Solved): The company founder hires us as consultants and asks that we oversee the accounting for new equipm ...

The company founder hires us as consultants and asks that we oversee the accounting for new equipment purchased on January 1. The founder wants to know the Implicatlons of dlfferent depreclation methods and estimates for the company's financlal statements. Those statements will be used to attract financing from new Investors and creditors. At the end of the equipment's first year In operation, we are given the following Tableau Dashboard. Actual \& Estimated Units-of-Production ?+ $+ab?du$ 1(a). Assume the company uses straight-line depreclation for the equlpment. At the beginning of the second year, we determine that the equlpment has only two more years of remaining useful life. Compute the equipment's book value at the end of Its first year. 1(b). Assume the company uses straight-line depreclation for the equlpment. At the beginning of the second year, we determine that the equlpment has only two more years of remalning useful life. Compute the depreclation for the second year glven the revised useful life estimate. 2 At the end of the equipment's useful life, the company plans to sell it. Record the sale of equipment at the end of Its useful life for (a) $\$12,000$ cash and (b) $\$6,000$ cash. Complete this question by entering your answers in the tabs below. Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the equipment's book value at the end of its first year. 1(a). Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the equipment's book value at the end of its first year. 1(b). Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the depreciation for the second year given the revised useful life estimate. 2. At the end of the equipment's useful life, the company plans to sell it. Record the sale of equipment at the end of its useful life for (a) $\$12,000$ cash and (b) $\$6,000$ cash. Complete this question by entering your answers in the tabs below. Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute depreciation for the second year given the revised useful life estimate. 1(a). Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the equipment's book value at the end of its first year. 1(b). Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the depreciation for the second year given the revised useful life estimate. 2. At the end of the equipment's useful life, the company plans to sell it. Record the sale of equipment at the end of its useful life for (a) $\$12,000$ cash and (b) $\$6,000$ cash. Complete this question by entering your answers in the tabs below. At the end of the equipment's useful life, the company plans to sell it. Record the sale of equipment at the end of its useful life for (a) $\$12,000$ cash and (b) $\$6,000$ cash. Journal entry worksheet Record the sale of equipment at the end of its useful life for $\$12,000$ cash. Note: Enter debits before credits. 1(a). Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the equipment's book value at the end of its first year. 1(b). Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the depreciation for the second year given the revised useful life estimate. 2. At the end of the equipment's useful life, the company plans to sell it. Record the sale of equipment at the end of its useful life for (a) $\$12,000$ cash and (b) $\$6,000$ cash. Complete this question by entering your answers in the tabs below. At the end of the equipment's useful life, the company plans to sell it. Record the sale of equipment at the end of its useful life for (a) $\$12,000$ cash and (b) $\$6,000$ cash. Journal entry worksheet Record the sale of equipment at the end of its useful life for $\$6,000$ cash. Note: Enter debits before credits.