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On January 1, 2023, Lopez purchased a new stamping machine for its plant. This new piece of equipment cost $150,000 and was recorded in Lopez's
On January 1, 2023, Lopez purchased a new stamping machine for its plant. This new piece of equipment cost $150,000 and was recorded in Lopez's accounting system with a $150,000 debit to the Equipment account and a $150,000 credit to the Cash account. Lopez estimates that the stamping machine will last 5 years and will have no value at the end of those 5 years. At the end of January, February, March, April, and May, Lopez made the correct depreciation adjusting entries. Record the adjusting entry Lopez should make for Junes depreciation: ACCOUNT DEBIT CREDIT
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