Solve this general accounting issue without use Ai A company, Pinner Innovations,purchasesmachinery with an estimated useful life of 8years and no salvage value for $48,000 at thebeginning of the accounting period. What is theadjusting entry for depreciation at the end ofone month if the company uses the straight-linemethod of depreciation?

Step 1: Analysis of information providedCost = $48,000Salvage Value = 0Useful life = 8 years = 8 ×…

Answered: A company, Pinner Innovations,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company, Pinner Innovations, purchases machinery with an estimated useful life of 8 years and no salvage value for $48,000 at the beginning of the accounting period. What is the adjusting entry for depreciation at the end of one month if the company uses the straight-line method of depreciation?