Homework Answers
1) Depreciation expense per hour = (120000-20000)/20000 = 5 per hour
Depreciation expense = 4500*5 = 22500
So answer is b) $22500
2) Depreciation expense = (120000-20000/5) = 20000 per year
So answer is a) $20000
3) Journal entry
| Account title and explanation | Debit | Credit |
| Equipment | XXX | |
| Cash | XXX |
So answer is d) Debiting equipment
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