On January 1, PGD Corporation bought equipment for 520,000 cash.

On January 1, PGD Corporation bought equipment for 520,000 cash. For the year, PGD calculates a total of $1,250 of depreciation on the equipment. PGD records depreciation annually on December 31.
Required
a. Prepare all journal entries relating to the purchase and depreciation of the equipment.
b. Post the December 31 journal entry to the relevant T-accounts.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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