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Company has purchased an equipment and the details are provided below: Equipment cost = $23,000 Residual Value = $3000 Useful life = 5 years Purchase

Company has purchased an equipment and the details are provided below:

Equipment cost = $23,000
Residual Value = $3000
Useful life
= 5 years
Purchase date = April 30, 2021

Required
1. What is the annual depreciation?
2. Post the entries in a journal for depreciation at Dec 31 2022 and Dec 31 2023.
3. Show your transactions on T-accounts?

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