Question 5

Question 5 of6 - / 3 E View Policies Current Attempt in Progress On July 1, 2021, Crane Company purchases equipment for $32,400. The company uses straight-line depreciation. It estimates the equipment will have a 10-year life. Crane Company has a December 31 year end. Record the purchase of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. lf no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit July 1/21 Calculate the amount of depreciation Crane Company should record for the year ofthe equipment purchase. Amount of depreciation $ :| eTextbook and Media List of Accounts Prepare the adjusting journal entry for the equipment at December 31, 202 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually. if no entry is required. select "No Entry\" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec l l | l %%