Question 10 On January 1, 2018, Slipjack Corporation purchased a machine that had an original cost...
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Question 10 On January 1, 2018, Slipjack Corporation purchased a machine that had an original cost of $170,000 and an estimated residual value of $10,000. The useful life was expected to be 8 years and straight-line depreciation is used. January 2 2022, management revaluated the equipment and determined that it would last another 6 years. When decommissioned in 6 years, the company expected to receive $3,000 from the disposal of the equipment. Required: A. Prepare the journal entry to record depreciation for 2022. B. Show how the equipment would be presented on the Statement of Financial Position at the end of 2022. Question 10 On January 1, 2018, Slipjack Corporation purchased a machine that had an original cost of $170,000 and an estimated residual value of $10,000. The useful life was expected to be 8 years and straight-line depreciation is used. January 2 2022, management revaluated the equipment and determined that it would last another 6 years. When decommissioned in 6 years, the company expected to receive $3,000 from the disposal of the equipment. Required: A. Prepare the journal entry to record depreciation for 2022. B. Show how the equipment would be presented on the Statement of Financial Position at the end of 2022.
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Answer A The journal entry to record depreciation for 2022 would be ... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
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