How do I calculate this depreciation journal entry?
Homework Answers
| Date | Accounts and Explanation | Debit | Credit |
| Sep. 1 | Depreciation Expense - Building | $9,000 | |
| ... Accumulated depreciation | $9,000 | ||
| (To record depreciation on Building) |
Depreciation Expense (Straight line method) per year = (Cost - Salvage value) / Years
= ($580,000 - $40,000) / 40 years
= $13,500
Depreciation expense (January to September 1) for 8 months = $13,500 * 8/12
= $9,000
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How do I calculate this depreciation journal entry?
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