Apply the concepts calculate and determine the entry for

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Reference no: EM13377809

APPLY THE CONCEPTS: Calculate and determine the entry for straight-line depreciation

The equipment purchased by Galaxy Sun Industries (see the journal entry above) is expected to have a useful life of four years. At the end of its useful life, the residual value of the equipment is estimated to be $3,000. Galaxy Sun Industries's fiscal year ends each December 31.

In the table to the below, calculate the equipment's depreciation expense, the balance of accumulated depreciation, and the book value for each year the equipment is expected to be in service, using the straight-line method.

Straight-Line Method
Year	Depreciation Expense	Accumulated Depreciation	Book Value
2011	$	$	$
2012	$	$	$
2013	$	$	$
2014	$	$	$
2015	$	$	$

APPLY THE CONCEPTS: Calculate and determine the entry for straight-line depreciation

Straight-Line Method
Year	Depreciation Expense	Accumulated Depreciation	Book Value
2011	$	$	$
2012	$	$	$
2013	$	$	$
2014	$	$	$
2015	$	$	$

Reference no: EM13377809

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