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3 of 5 > 0.25/1 Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day
3 of 5 > 0.25/1 Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The T-accounts show the balance in the accounts on January 1, along with the effects of transactions recorded on December 31 of the current year. The equipment was depreciated on a straight-line basis with an estimated useful life of 10 years and a salvage value of $100. Part of the equipment was sold on the last day of the current year for cash proceeds; the remaining equipment that was not sold became impaired. Cash Jan. 1 (a) Dec. 31 450 Jan. 1 Equipment 1,100 Dec. 31 440 Accumulated Depreciation-Equipment Dec. 31 100 31 55 Dec. 31 40 Dec. 81 Depreciation Expense (b) Gain on Disposal Dec. 31 (c) Impairment Loss Dec. 81 (d) Que Accou Ques Accour Viewi Account Questi Accountin Question Accounting Prepare the journal entry to record depreciation recorded on December 31. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 What was the depreciation expense? Depreciation expense eTextbook and Media List of Accounts Save for Later $ Debit Credit Attempts: unlimited Submit
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