On January 1, 2017, Emporia Country Club purchased a new riding mower for $15,000 The mower is expected to have an 8 year life with a $3,000 salvage value What journal entry would Emporia make at December 31, 2017, if it uses straight line depreciation Pinewood Corporation purchased a piece of equi...

Depreciation expense Cost Salvage 15000 3000 1500 Us ...

On January 1, 2017, Emporia Country Club purchased a new riding mower for $15,000. The mower is

Question:

On January 1, 2017, Emporia Country Club purchased a new riding mower for $15,000. The mower is expected to have an 8-year life with a $3,000 . What journal entry would Emporia make at December 31, 2017, if it uses straight-line depreciation?
Pinewood purchased a piece of equipment for $70,000. It estimated an 8year life and $2,000 . At the end of year four (before the depreciation adjustment), it estimated the new total life to be 10 years and the new to be $6,000. Compute the revised depreciation.

Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...