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Cranium Corp. buys equipment on October 1, 2023 for $570,000 cash. They estimate the equipment will have a salvage value of $70,000 and a useful

Cranium Corp. buys equipment on October 1, 2023 for $570,000 cash. They estimate the equipment will have a salvage value of $70,000 and a useful life of 10 years.

a. Write the journal entry to record depreciation for 2023. 12/31/23

b. Record the journal entry to record depreciation expense for the second year. 12/31/24

c. What is the book value of this equipment on the December 31, 2024 Balance Sheet?

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