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On July 1, 2024, Action Printers purchased a printer for $65,000. It expects the printer to last for four years and have a residual value
On July 1, 2024, Action Printers purchased a printer for $65,000. It expects the printer to last for four years and have a residual value of $9,000. What is the journal entry to record the depreciation expense for the year ending December 31, 2024 using the straightline method?
A.
| Depreciation ExpenseEquipment | 7,000 | |
| Accumulated DepreciationEquipment | 7,000 |
B.
| Depreciation ExpenseEquipment | 16,250 | |
| Accumulated DepreciationEquipment | 16,250 |
C.
| Depreciation ExpenseEquipment | 32,500 | |
| Accumulated DepreciationEquipment | 32,500 |
D.
| Depreciation ExpenseEquipment | 14,000 | |
| Accumulated DepreciationEquipment | 14,000 |
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