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Compute the balance in accumulated depreciation-equipment

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Question - On July 1, 2019, Sheridan Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $10,000 salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be 10 years beyond December 31, 2022. The new salvage value is estimated to be $5,000.

Required -

1. Prepare the journal entry to record depreciation on December 31, 2019

2. Prepare the journal entry to record depreciation on December 31, 2020.

3. Compute the revised annual depreciation on December 31, 2022.

4. Prepare the journal entry to record depreciation on December 31, 2022.

5. Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022.

Reference no: EM132477824

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