Ch $8$: Accounting for Long$-$Term Assets$-$ Homework

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Part $2$ of $2$

Equipment costing $$38,400$ with a $8-$year useful life and an estimated $$6,400$ salvage value is acquired and started operating on January $1.$ The equipment is estimated to produce $4,000$ units of product during its life. It produced $600$ units in the first year.

$7\mathrm{.}69$

QS $8-8($Algo$)$ Recording depreciation journal entries LO P$1$

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$02$:$06$:$41$

Record the journal entries for equipment depreciation for the first year under straight$-$line, units$-$of$-$production, and double$-$decliningbalance.

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$\backslash$table$[[,$No$,$Transaction,General Journal,Debit,Credit$],[$i$,$A$,1,$Depreciation expense$-$Equipment,$3,950,],[,,$Accumulated depreciation$-$Equipment,,$3,950],[,,,,],[i,$B$,2,$Depreciation expense$-$Equipment,$4,800,],[,,$Accumulated depreciation$-$Equipment,,$4,800],[,,,,],[$i$,$C$,3,$Depreciation expense$-$Equipment,$19,200,],[,,$Accumulated depreciation$-$Equipment,,$19,200]]$