Hi all, I have completed most of this task, just struggling with the final four numbers. Where you see '4400' and '40400', those answers are wrong, I am looking for the right answers. Thank you!
Exercise 9-08 On July 1, 2019, Cullumber Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $8,000 salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be 10 years beyond December 31, 2022. The new salvage value is estimated to be $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 7200 Accumulated Deprecia 7200 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 14400 Accumulated Deprecial 14400 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is incorrect. Try again. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ 4400 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entry to record depreciation on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 4400 Accumulated Deprecia 4400 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is incorrect. Try again. Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. Accumulated Depreciation-Equipment 4040 Click if you would like to Show Work for this question: Open Show Work