Question: I've been struggling to answer this question as I don't understand it, Could you help explain how to do it. Thank You 6. Newson Electric

I've been struggling to answer this question as I don't understand it, Could you help explain how to do it. Thank You

6. Newson Electric prepares monthly financial statements. Fixed assets owned by the company include equipment valued at $14 000 and a service van worth $30 000. Accumulated depreciation on the equipment is $7170. Accumulated depreciation on the truck is $6500. Prepare adjusting entries to record one month's depreciation, using the declining-balance method. The rate of depreciation for one year for the equipment is 20 percent, and for the truck is 30 percent. (Hint: You may need to round any calculations to two decimal places. )

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