Question: Depreciation is calculated for the automobile using the declining balance method .It is estimated to have a $2,000 salvage value and it will last 7
Depreciation is calculated for the automobile using the declining balance method.It is estimated to have a $2,000 salvage value and it will last 7 years.It was purchased April 1st 2017.It depreciates at a rate of 30%
I need to make this into an adjustment entry, the only other info I have is Accumulated Depreciation: Automobile is $7897.50 which is labeled as credit. And I also am given Automobile expense (maintenance) - $3000 which is labeled as debit. The automobile cost $19500.
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