what is the adjusting journal entry for H.?

B.

Eighteen months earlier, on July 1st the company purchased equipment that cost $160,000. Its useful life

B.

is predicted to ten years, at which time the equipment is expected to have a zero salvage/residual value.

Depreciation Expense

$ 16,000

Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year.

Accumulated Depreciation

$ 16,000

H. Depreciation on the building is calculated using the straight-line depreciation method. Gatsby estimates depreciation on the building over a 20 year period and a zero salvage/residual value.