On January 1, 2022, Crane Creek Country Club purchased a new riding mower for $15,200
On January 1, 2022, Crane Creek Country Club purchased a new riding mower for $15,200. The mower is expected to have a 10 year life with a $2,000 salvage value.
What journal entry would Crane Creek make on December 31, 2022, if it uses straight-line depreciation?
Homework Answers
Solution:
| Account title | Debit | Credit |
| Depreciation expense [(15200 -2900) /10] | 1230 | |
| Accumulated Depreciation | 1230 |
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