On October $1,$ Orlando Clothing Exchange paid cash of $$48,000$ for computers that are expected to remain useful for five years. At the end of five years, the value of the computers is expected to be zero Read the requirements.

Requirement $1.$ Calculate the amount of depreciation for the month of October using the straight$-$line depreciation method.

$(-)=12$ months $=$ Straight$-$line depreciation

$(.$

$)12$ months $=$

Requirement $2.$ Record the adjusting entry for depreciation on October $31.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Oct$.31,,,],[,,,],[,,,],[,,,]]$

October $31.($Use dates as posting references to post the transactions. Use a "Bal." posting reference to show the ending balance of each account.$)$

Accumulated Depreciation$-$Computer Equipment

Depreciation Expense$-$Computer Equipment

Requirement $4.$ Calculate the computer equipment's book value at October $31.$

Book value of plant assets:

$$

Less: $$

$$

Book value of computer equipment

Requirements

Calculate the amount of depreciation for the month of October using the straight$-$line depreciation method.

Record the adjusting entry for depreciation on October $31.$

Post the purchase of October $1$ and the depreciation on October $31$

to $T-$accounts for the following accounts: Computer Equipment, Accumulated

Depreciation$-$Computer Equipment, and Depreciation Expense$-$Computer Equipment. Show their balances at October $31.$

What is the computer equipment's book value at October $31?$