JOURNAL ENTRIES AND DECLINING METHOD

21. On January 1, 2020, Star Inc. purchased equipment for the new plant. The company paid 22. On July 5, land, building and equipment were purchased for a total amount of $350,000 for the new equipment. Assume the company uses the double-declining balance $1,600,000 cash. The assessed values of these purchases were, Land - $1,040,000; Building - method to depreciate the equipment and that the machines have an expected useful life of 4 years $400,000; Equipment - $560,000. Write the journal entry that records the purchase. with no residual value. Do not enter dollar signs or commas in the input boxes. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. Round all answers to the nearest whole dollar. Enter the debit accounts in alphabetical order. a) Prepare the following schedule to record the depreciation expense, accumulated depreciation Date Account Title and Explanation Debit Credit and net book value for the 4 years. Jul 5 Answerl Answerl Year Beginning of Year Depreciation Accumulated Depreciation Net Book Book Value Expense to Date Value Answerl Answer Answer 2020 Answer Answer Answer Answerl Answer Answer Answerl Answer 2021 Answer Answer Answer Purchased assets for cash Answer 2022 Answer Answer Answer Answer 2023 Answer Answer Answer b) Give the journal entry to record depreciation expense at the end of 2021. Date Description Debit Credit Dec 31 Answer Answer Answer Answer To record depreciation expense for 2021