1. On January1st, 2021, ABC Hotel purchased a new fitness center equipment for $120,000. The company expects to utilize the equipment for the next 20 years and estimate that it will have a residual value of $20,000. ABC uses the straight-line method to account for depreciation. 
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3. What is the adjusting entry required on December 31st, 2021, the year-end date, to record any yearly accrued expenses on the factory?

Answer rating: 100% (QA)

When using the straightline depreciation method the annual depreciation expe... View the full answer