Orrelios LLC purchased a piece of equipment on January 1, 2023. The following information relates to...

  

Transcribed Image Text:

Orrelios LLC purchased a piece of equipment on January 1, 2023. The following information relates to it. Acquisition Price Expected Useful Life Expected Salvage Purchase Date 139,033 (in years) 8 Value S 9,145 January 1, 2023 Use the information from above to answer the following questions. Be sure to use cell references when calculating your answers. 1) Assuming that Orrelios had made no previous entries related to depreciation for the year, record the journal entry for depreciation that Syndulla would record on December 31, 2023. Depreciation Expense 16,236 Accumulated Depreciation 16,236 2) What is the ending balance in the accumulated depreciation account related to this piece of equipment on December 31,2024? 32,472 3) What is the value of the equipment that Orrelios LLC will report on its December 31, 2024 balance sheet? 106.561 Orrelios LLC purchased a piece of equipment on January 1, 2023. The following information relates to it. Acquisition Price Expected Useful Life Expected Salvage Purchase Date 139,033 (in years) 8 Value S 9,145 January 1, 2023 Use the information from above to answer the following questions. Be sure to use cell references when calculating your answers. 1) Assuming that Orrelios had made no previous entries related to depreciation for the year, record the journal entry for depreciation that Syndulla would record on December 31, 2023. Depreciation Expense 16,236 Accumulated Depreciation 16,236 2) What is the ending balance in the accumulated depreciation account related to this piece of equipment on December 31,2024? 32,472 3) What is the value of the equipment that Orrelios LLC will report on its December 31, 2024 balance sheet? 106.561 Orrelios LLC purchased a piece of equipment on January 1, 2023. The following information relates to it. Acquisition Price Expected Useful Life Expected Salvage Purchase Date 139,033 (in years) 8 Value S 9,145 January 1, 2023 Use the information from above to answer the following questions. Be sure to use cell references when calculating your answers. 1) Assuming that Orrelios had made no previous entries related to depreciation for the year, record the journal entry for depreciation that Syndulla would record on December 31, 2023. Depreciation Expense 16,236 Accumulated Depreciation 16,236 2) What is the ending balance in the accumulated depreciation account related to this piece of equipment on December 31,2024? 32,472 3) What is the value of the equipment that Orrelios LLC will report on its December 31, 2024 balance sheet? 106.561 Orrelios LLC purchased a piece of equipment on January 1, 2023. The following information relates to it. Acquisition Price Expected Useful Life Expected Salvage Purchase Date 139,033 (in years) 8 Value S 9,145 January 1, 2023 Use the information from above to answer the following questions. Be sure to use cell references when calculating your answers. 1) Assuming that Orrelios had made no previous entries related to depreciation for the year, record the journal entry for depreciation that Syndulla would record on December 31, 2023. Depreciation Expense 16,236 Accumulated Depreciation 16,236 2) What is the ending balance in the accumulated depreciation account related to this piece of equipment on December 31,2024? 32,472 3) What is the value of the equipment that Orrelios LLC will report on its December 31, 2024 balance sheet? 106.561