Record unadjusted entries

4. On January 1, almost three years ago,, Omega purchased equipment for $200,000. At that time, it was estimated that the equipment would have a useful life of four years, and have a salvage value of $40,000. As of this date, two years of depreciation has accrued. Omega reevaluates their estimate and determines that rather than the four year useful life initially estimated, they now expect the equipment to last a total of seven years with no salvage value. Depreciation on the remaining equipment is 20,000. Prepare the journal entry for equipment depreciation. 5 Building depreciation is $18,000 6. Patent was awarded January 1 for software code. Legal life 20 years; Estimated useful life 5 years. Record the adjusting entry 7. An aging schedule of A/R provides an estimated NRV of receivables of $58,090. Record the adjusting entry 4. On January 1, almost three years ago,, Omega purchased equipment for $200,000. At that time, it was estimated that the equipment would have a useful life of four years, and have a salvage value of $40,000. As of this date, two years of depreciation has accrued. Omega reevaluates their estimate and determines that rather than the four year useful life initially estimated, they now expect the equipment to last a total of seven years with no salvage value. Depreciation on the remaining equipment is 20,000. Prepare the journal entry for equipment depreciation. 5 Building depreciation is $18,000 6. Patent was awarded January 1 for software code. Legal life 20 years; Estimated useful life 5 years. Record the adjusting entry 7. An aging schedule of A/R provides an estimated NRV of receivables of $58,090. Record the adjusting entry