Homework Answers
Annual depreciation = (74600-18600)/7 = $8000
Net book value on Jan 1, 2021 = 74600 - 8000*2 = $58600
Revised depreciation = (58600-9100)/2 = $29300
| Account titles and explanation | Debit | Credit |
| Depreciation expense | 29300 | |
| Accumulated depreciation - Equipment | 29300 |
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