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What is the book value of the computer system

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Darting Inc. Purchased a computer system for $7,200 on January 1, 2018. The useful life of the computer system is 3 years.

Record the journal entry for the purchase of the asset- equipment-computer.

Question 1: What is the adjusting entry to record the January 31 monthly deprecation expense using the straight-line method of depreciation?

Question 2: What is the book value of the computer system at March 31, 2018?

  1. Balance sheet (partial) March 31,2018
  2. Property, Plant and equipment
  3. Historical Cost of Equipment- Computer $7,200

Less: Accumulated Deprecation $_______

Equipment, Net (Book Value) $_________

Reference no: EM132461387

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