Question: express co . purchased equipent on march 1 , 2 0 2 2 , for $ 9 5 , 0 0 0 on account. The

express co. purchased equipent on march 1,2022, for $95,000 on account. The equipment had an estimated useful life of five years, with a residual value of $5000. The equipment is disposed of on Febuary 1,2025. Express Co. usesthe dimishing balance metho of depreciation with 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end.

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