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For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31 Step t Determine what the curt account

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For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31 Step t Determine what the curt account balance equals. Step 2: Determine what the cur nt account balance should equal. Step 3: Record the December 3 adjusting entry to get from step 1 to step 2. Assume no other adjusting ents are made during the year. 1. The Krug Cimpany's Accumul d Depreciation account has a $13,500 balance to start the year. A review of depreciation schedules reveals that $14,600 of depreciation a pontest be recorded for the year. Accumulated depreciation Step 1: Determine what the current count balance equals. Credit 14,600 Step 2: Determine what the current account balance should equal Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. 14,600 Depreciation expense Accumulated depreciation 14,600 b. The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $44,000, had an estimated life of five years, and is expected to have zero value at the end of the five years. Accumulated depreciation - Truck Step 1: Determine what the current account balance equals. 8.800 Step 2: Determine what the current account balance should equal Credit Steo 3: Record the December 31 adiusting entry to get from sted to step 2 b. The company has only one fixed isot truck) that it purchased at the start of this year. That asset had cost $44,000, had an estimated life of five years, and is expected to have realue at the end of the five years. Accumulated depreciation-Truck Step 1: Determine what the current count balance equals. 8,800 Step 2. Determine what the current count balance should equal, Credit Step 3: Record the December 318 usting entry to get from step 1 to step 2 8,800 Depreciation expense--Truck Accumulated depreciation-Trus 8,800 c. The company has only one fixed asset (equipment that it purchased at the start of this year. That asset had cost $32,000, had an estimated Ilfo of seven years, and is expected to be valued at $4,000 at the end of the seven years. Accumulated depreciation- Equipment Step 1: Determine what the current account balance equals. 4 4,000 Step 2 Determine what the current account balance should equal Credit Step 3: Record the December 31 adjusting entry to get from step to step 2 4,000 Depreciation expense-Equipment Accumulated depreciation Equipment 4,000

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