Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help please!! On July 1, 2022, Wildhorse Co, purchased new equipment for $97,600. Its estimated useful life was 7 years with a $12,200 salvage value.
help please!! On July 1, 2022, Wildhorse Co, purchased new equipment for $97,600. Its estimated useful life was 7 years with a $12,200 salvage value. On January 1, 2025, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $6,100 Prepare the journal entry to record depreciation on December 31, 2022. (List debit entry before credit entry, Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Prepare the journal entry to record depreciation on December 31, 2023. (Lst debit entry before credit entry. Credit occount titles are outomatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tities and enter Ofor the amounts) Compute the revised annual depreciation on December 31, 2025. Revised annual depreciation $ Prepare the journal entry to record depreciation on December 31, 2025. (List debit entry before credit entry. Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts) Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2025. Accumulated Depreciation-Equipment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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