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Need answer for the last part accumulated depreciation and carrying amount. Please show work! Jake's Mechanics owns the following long-lived assets: Asset Date Purchased Cost
Need answer for the last part accumulated depreciation and carrying amount. Please show work!
Jake's Mechanics owns the following long-lived assets: Asset Date Purchased Cost Estimated Useful Life Building $59,000 25 years January 1, 2014 December 31, 2017 Vehicles 36,800 10 years Equipment July 1, 2016 12,480 8 years entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 2360 Accumulated Depreciation - Building Accumulate 2360 (To record depreciation expense for building.) Dec. 31 Depreciation Expense 3680 3680 Accumulated Depreciation - Vehicles 3680 (To record depreciation expense for vehicles.) Dec. 31 Depreciation Expense 1560 Accumulated Depreciation - Equipment 1560 (To record depreciation expense for equipment.) For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2021. Building Vehicles Equipment Cost ta 59,000 36,800 12,480 Less: Accumulated Depreciation 2360 Carrying amount 2360Step by Step Solution
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