Question
Brief Exercise 22-5 Pharoah Company purchased a computer system for $75,900 on January 1, 2016. It was depreciated based on a 8-year life and an
Brief Exercise 22-5
Pharoah Company purchased a computer system for $75,900 on January 1, 2016. It was depreciated based on a 8-year life and an $16,300 salvage value. On January 1, 2018, Pharoah revised these estimates to a total useful life of 4 years and a salvage value of $11,000. Pharoah uses straight-line depreciation. Prepare Pharoahs entry to record 2018 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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