Entity L purchased equipment for $22,000 on January 1, 2022. The company expects to use the...
Entity L purchased equipment for $22,000 on January 1, 2022. The company expects to use the equipment for 5 years and uses straight-line depreciation. The equipment has no salvage value. The entry to record depreciation expense on December 31, 2022 will include:
Homework Answers
Annual depreciation on equipment = (Original cost - Salvage value) / Expected life
= (22000 - 0) / 5
= 4400
Journal Entry as on December 31, 2022
Account titles Debit Credit
Depreciation expense - Equipment 4400
Accumulated depreciation - Equipment 4400
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Entity L purchased equipment for $22,000 on January 1, 2022. The
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Carla Vista Company owns
equipment that cost $81,000 when purchased on January 1, 2019. It
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estimated salvage value of $21,000 and an estimated useful life of
5 years.
Prepare Carla Vista Company’s journal entries to record the sale of
the equipment in these four independent situations.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the...
Question 4 A company purchased factory equipment on April 1, 2022 for $128,000. It is est salvage value at the end of its 10-year useful life. Using the straight-line method depreciation expense at December 31, 2022 is $9.600. O $11,200. $8,400. O $12,800. IIBA Question 4 A company purchased factory equipment on April 1, 2022 for $128,000. It is estimated tha salvage value at the end of its 10-year useful life. Using the straight-line method of depreci depreciation expense at...
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