E9-6 (Algo) Computing and Recording Straight-Line Depreciation [LO 9-3] Yazzie Incorporated bought a machine at the beginning of the year at a cost of $42,000. The estimated useful life was five years and the residual value was $5,000. Required: Complete a depreciation schedule for the straight-line method. Prepare the journal entry to record Year 2 depreciation.
E9-6 (Algo) Computing and Recording Straight-Line Depreciation [LO 9-3] Yazzie Incorporated bought a machine at the beginning of the year at a cost of $42,000. The estimated useful life was five years and the residual value was $5,000. Required: Complete a depreciation schedule for the straight-line method. Prepare the journal entry to record Year 2 depreciation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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E9-6 (Algo) Computing and Recording Straight-Line Depreciation [LO 9-3]
Yazzie Incorporated bought a machine at the beginning of the year at a cost of $42,000. The estimated useful life was five years and the residual value was $5,000.
Required:
- Complete a depreciation schedule for the straight-line method.
- Prepare the
journal entry to record Year 2 depreciation.
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare the journal entry to record Year 2 depreciation. (If no entry is required for a transaction/event, select "No Journal Entr
Required" in the first account field.)
View transaction list
Journal entry worksheet
A
Record the adjusting entry for depreciation expense for Year 2.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Record entry
Clear entry
View general journal
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Complete a depreciation schedule for the straight-line method.
Income
Balance Sheet
Statement
Year
Depreciation
Expense
Accumulated
Cost
Book Value
Depreciation
At acquisition
1
3
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