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The highlighted ones are incorrect I believe. Required Information Exercise 8-9A Computing and recording straight-line versus double-declining-balance depreciation LO 8- 2, 8-3 (The following information
The highlighted ones are incorrect I believe.
Required Information Exercise 8-9A Computing and recording straight-line versus double-declining-balance depreciation LO 8- 2, 8-3 (The following information applies to the questions displayed below.] At the beginning of Year 1. Copland Drugstore purchased a new computer system for 120.000. It is expected to have a five-year life and a $20.000 salvage value. Exercise 8-9 A Part c. Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses (1) Straight-line depreciation. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list View journal entry worksheet Credit No 1 Date Yr. 1 General Journal Depreciation expense Accumulated depreciation Debit 48.000 48,000 (2) Double-declining-balance depreciation. (If no entry is requlred for a transaction/event, select "No journal entry required" In the first account field.) View transaction list View journal entry worksheet Credit No 1 Date Yr. 1 General Journal Depreciation expense Accumulated depreciation Debit 48,000 48,000 2 Yr. 2 28,800 Depreciation expense Accumulated depreciation 28.800 3 Yr. 3 17.280 Depreciation expense Accumulated depreciation 17.280 10.368 Depreciation expense Accumulated depreciation 10.368 5 Yr. 5 82.208 Depreciation expense Accumulated depreciation 82.208Step by Step Solution
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