On October 1, 2020, Apollo Company purchased equipment costing $30,000. Apollo records depreciation expense for the equipment...
On October 1, 2020, Apollo Company purchased equipment costing $30,000. Apollo records depreciation expense for the equipment at the rate of $1,000/month. What is the credit balance in Apollo Company's accumulated depreciation account for this equipment at December 31, 2020?
Homework Answers
| Accumulated depreciation at December 31, 2020 = Monthly depreciation expenses * number of months covered during the year | ||||||||
| =$1000*3 months | ||||||||
| =$3000 | ||||||||
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