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Homework Answers
Cost of computer system = $155,000
Salvage value = $25,000
Useful life = 5 years
Annual depreciation = ( Cost of computer system - Salvage value)/ useful life
= ( 155,000-25,000)/5
= $26,000
Journal
| Date | General Journal | Debit | Credit |
| Year 1 | Depreciation expense | $26,000 | |
| Accumulated depreciation - equipment | $26,000 |
Journal
| Date | General Journal | Debit | Credit |
| Year 2 | Depreciation expense | $26,000 | |
| Accumulated depreciation - equipment | $26,000 |
Journal
| Date | General Journal | Debit | Credit |
| Year 3 | Depreciation expense | $26,000 | |
| Accumulated depreciation - equipment | $26,000 |
Journal
| Date | General Journal | Debit | Credit |
| Year 4 | Depreciation expense | $26,000 | |
| Accumulated depreciation - equipment | $26,000 |
Journal
| Date | General Journal | Debit | Credit |
| Year 5 | Depreciation expense | $26,000 | |
| Accumulated depreciation - equipment | $26,000 |
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