Question
Computer equipment is depreciated using a double-declining rate method at 62.5% per year. Life in years = 3 Cost opening=36,000 residual value= 2500 Accumulated Depreciation=
Computer equipment is depreciated using a double-declining rate method at 62.5% per year.
Life in years = 3
Cost opening=36,000
residual value= 2500
Accumulated Depreciation= 11,250
NBV=24,750.
What is the Journal entry to record depreciation?
Is it:
Dr. Depreciation 15,469
Dr. NBV 9,281
Dr. Accumulated depreciation 11,250
Cr. Cash 36,000
Or am I doing something wrong here?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting Information Systems
Authors: Robert Hurt
4th Edition
78025885, 78025884, 9781259293795 , 978-0078025884
