ACCT/BUS 222 Use straight line method to solve question relate to Depreciation account by you assignment 1

Use straight line method to solve question relate to Depreciation account by you assignment 1 DO IT! 2 Straight-Line Depreciation On January 1, 2017, Iron Mountain Ski Corporation purchased a new snow-grooming machine for $50,000. The machine is estimated to have a 10-year life with a $2,000 salvage value. What journal entry would Iron Mountain Ski Corporation make at December 31, 2017, if it uses the straight-line method of depreciation? Solution 4,800 Depreciation expense Accumulated depreciation 4,800 ($50,000 - $2,000) - 10 = $4,800 DO IT! 2 Straight-Line Depreciation On January 1, 2017, Iron Mountain Ski Corporation purchased a new snow-grooming machine for $50,000. The machine is estimated to have a 10-year life with a $2,000 salvage value. What journal entry would Iron Mountain Ski Corporation make at December 31, 2017, if it uses the straight-line method of depreciation? Solution 4,800 Depreciation expense Accumulated depreciation 4,800 ($50,000 - $2,000) = 10 = $4,800 10-24 LO2