Solution-Create the journal entry to record depreciation

Create the journal entry to record depreciation

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Reference no: EM132522303

Question - Mr. V is trying to calculate how much of an expense his $67 000 dollars of equipment will have over the next few years. V's Violins uses a double declining method of depreciation, the equipment has a useful life of 4 years, and it has a salvage value of $2000.

a) Use this information to make a depreciation chart like the one in the attached picture. For each of the four years, record the Depreciation Expense, Accumulated Depreciation and the Net Book Value like the example below.

b) Create the journal entry to record depreciation for the second year on December 31st.

Reference no: EM132522303

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Create the journal entry to record depreciation

Reference no: EM132522303

Reference no: EM132522303

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