Restaurant La Jolie Vache purchased equipment on January 1, 2018 for $80,000. The asset is expected to
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Question:
Restaurant La Jolie Vache purchased equipment on January 1, 2018 for $80,000. The asset is expected to last for four years, at which time the estimated residual value will be $11,000.
Required
a) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date, and net book value. Restaurant La Jolie Vache uses straight-line depreciation.
b) The asset was sold for $12,000 on January 1, 2022. Prepare the journal entry to record the sale.
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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