At the end of its first year, the trial balance of Denton Company shows Equipment of ($

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At the end of its first year, the trial balance of Denton Company shows Equipment of $\$ 40,000$ and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $\$ 8,000$. For Denton,

(a) prepare the adjusting entry for depreciation at December 31,

(b) post the adjustments to T-accounts, and

(c) indicate the balance sheet presentation of the equipment at December 31.

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Financial Accounting Tools For Business Decision Making

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Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell

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Question Posted: Feb 23, 2024 11:00 PM

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At the end of its first year, the trial balance of Denton Company shows Equipment of ($

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