Suppose a manufacturing plant purchased a new heating system in December, 2015 and, after installing and...

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Suppose a manufacturing plant purchased a new heating system in December, 2015 and, after installing and testing the equipment, it was put into service on January 1, 2016. The total cost to put the equipment into service was $55,000; it is expected to have a useful life of 5 years and a salvage value of $5,000. Record the Transaction: Using the straight-line method of depreciation, what will the entry be to record depreciation for the 6 months ending June 30, 2016? ACCOUNTS AMOUNTS PROPERTY, PLANT, & GAINLOSS ON DISPOSAL $10,000 $10,000 EQUIPMENT OF ASSETS ACCUMULATED DEPRECIATION EXPENSE $5,000 $5,000 DEPRECIATION JOURNAL ENTRY DATE ACCOUNTS DEBIT CREDIT 06/30/16 06/30/16 To record depreciation Suppose a manufacturing plant purchased a new heating system in December, 2015 and, after installing and testing the equipment, it was put into service on January 1, 2016. The total cost to put the equipment into service was $55,000; it is expected to have a useful life of 5 years and a salvage value of $5,000. Record the Transaction: Using the straight-line method of depreciation, what will the entry be to record depreciation for the 6 months ending June 30, 2016? ACCOUNTS AMOUNTS PROPERTY, PLANT, & GAINLOSS ON DISPOSAL $10,000 $10,000 EQUIPMENT OF ASSETS ACCUMULATED DEPRECIATION EXPENSE $5,000 $5,000 DEPRECIATION JOURNAL ENTRY DATE ACCOUNTS DEBIT CREDIT 06/30/16 06/30/16 To record depreciation

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Depreciation expense Cost Salvage valueUseful life 5500050005 year... View the full answer