Karina Ludmiko is turning her photography hobby into a business called The Photo Studio. She asked you

Question:

Karina Ludmiko is turning her photography hobby into a business called The Photo Studio. She asked you to set up the company’s asset records. 


INSTRUCTIONS 

1. Assume that The Photo Studio’s photography equipment cost $25,000, has a 10-year useful life, and no salvage value. Set up a depreciation schedule.

2. Explain to Karina how depreciation appears on the financial statements.

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