Prepare all necessary journal entries for 2024, 2025, and 2026 related to each of the following...

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Prepare all necessary journal entries for 2024, 2025, and 2026 related to each of the following scenarios: (a) Your answer is partially correct. On June 1, 2024, Sheridan Opportunity Ltd. ("SO") purchased a piece of equipment for $35,280. At the time, management determined that the equipment would have a residual value of $2,880 at the end of its six-year life. SO has a December 31 year end and uses the straight-line depreciation method. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date June 1, 2024 Dec. 31, 2024 Dec. 31, 2025 Account Titles and Explanation Equipment Cash Depreciation Expense Accumulated Depreciation-Equipment Depreciation Expense Debit 35,280 0 3,150 0 Accumulated Depreciation-Equipment 5,400 0 Dec. 31, 2026 Depreciation Expense Accumulated Depreciation-Equipment 5,400 0 Credi Prepare all necessary journal entries for 2024, 2025, and 2026 related to each of the following scenarios: (a) Your answer is partially correct. On June 1, 2024, Sheridan Opportunity Ltd. ("SO") purchased a piece of equipment for $35,280. At the time, management determined that the equipment would have a residual value of $2,880 at the end of its six-year life. SO has a December 31 year end and uses the straight-line depreciation method. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date June 1, 2024 Dec. 31, 2024 Dec. 31, 2025 Account Titles and Explanation Equipment Cash Depreciation Expense Accumulated Depreciation-Equipment Depreciation Expense Debit 35,280 0 3,150 0 Accumulated Depreciation-Equipment 5,400 0 Dec. 31, 2026 Depreciation Expense Accumulated Depreciation-Equipment 5,400 0 Credi

Answer rating: 100% (QA)

The straightline depreciation method calculates depreciation by subtracting the residual value from ... View the full answer