Requirement 1. Suppose iHeartMedia iHeartMedia?, Inc. purchases a new advertising structure for $ 100 comma 000 $100,000 on August August 1. The residual value of the structure is $ 4 comma 000 $4,000 and the useful life is 10 10 years. How would iHeartMedia iHeartMedia record the depreciation expense on December 31 in the first year of? use? What about the second year of? use? ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.) Begin by recording the depreciation expense on December 31 in the first year of use. Date Accounts and Explanation Debit Credit Year 1 Dec. 31 Choose from any list or enter any number in the input fields and then click Check Answer.

Requirement 1. Suppose iHeartMedia, Inc. purchases a new advertising structure for $100,000 on August 1. The residual value of the structure is $4,000 and the useful life is 10 years. How would iHeartMedia record the depreciation expense on December 31 in the first year of use? What about the second year of use? (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the depreciation expense on December 31 in the first year of use. Date Year 1 Dec. 31 Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then click Check