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Question 1: How to calculate journal entry for depreciation Dec 31?
July 1, 2019 purchase new equipment $90,000. Useful life 5 years $12,000 salvage value. Jan 1, 2022 before making depreciaton entry for 2022, remaining useful life 10 years beyond Dec 31, 2022. The new salvage value $5000.
Question 2: Calculate journal entry to record depreciation on Dec 31, 2019
Revised annual depreciation Dec, 2022
Question 3: Calculate journal entry to record depreciation Dec 31, 2022
Question 4: Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022.
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