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Below details are from Carryit Inc and have approached you to assist with depreciation Equipment Cost $1,055,000 Salvage Value $25,000 Expected life Years 10 Calculate Depreciation as per straight line method, provide necessary journal entry for depreciation and advise the closing balance of the equipment at the end of year 3.

Below details are from Carryit Inc and have approached you to assist with depreciation Equipment Cost $1,055,000 Salvage Value $25,000 Expected life Years 10 Calculate Depreciation as per straight line method, provide necessary journal entry for depreciation and advise the closing balance of the equipment at the end of year 3.

FINANCIAL ACCOUNTING
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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Below details are from Carryit Inc and have approached you to assist with depreciation
Equipment Cost $1,055,000
Salvage Value $25,000
Expected life Years 10
Calculate Depreciation as per straight line method, provide necessary journal entry for
depreciation and advise the closing balance of the equipment at the end of year 3.

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