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er:Sept. 1Impeached begins practice as a dentist and invests $32,000 cash. 2Purchases dental equipment on account from Trump Junior Ltd for $12,500.The equipment has a useful life of 5years, no salvage value. ST-line depreciation applies.
An equipment has a total initial cost of $9000 with a 5 years useful life. Assume a salvage value of $750. Prepare a yearly depreciation schedule showing the depreciation charge and book value at the beginning and end of each year. Use the Straight-Line Depreciation (SLD) method to answer following questions 4) a. Compute the yearly depreciation (show your solution handwriting or in Word document) b. Fill in the table below (show your solution handwring or in Word document) Year...
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used.Required: A. Prepare a schedule showing the calculation of the book value of the truck on December 31, 2019. B. Assume the truck is to be disposed of on May 1, 2020. Prepare the journal entry to record the depreciation for the four months ended April 30, 2020. C. Assuming...