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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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Analysis Component: If depreciation is not recorded, how would the income statement be affected? Expenses Profit
Transcribed Image Text:Analysis Component: If depreciation is not recorded, how would the income statement be affected? Expenses Profit
Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Plant and Estimated Estimated Sales Value Date of Purchase Equipment Item Machine A Useful at End of Estimated life $ 102, 000 5 years 4 years Cost Useful Life a. Jan. 1 b. Apr. 1 c. Nov. 1 Machine B 61,e00 30,500 2 years 3,400 2,900 Machine C Assume Leroux Steel uses the straight-line method to depreciate its assets. Requlred: Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item. View transaction list Journal entry worksheet 2 3 > Record the depreciation on Machine A. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2020
Transcribed Image Text:Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Plant and Estimated Estimated Sales Value Date of Purchase Equipment Item Machine A Useful at End of Estimated life $ 102, 000 5 years 4 years Cost Useful Life a. Jan. 1 b. Apr. 1 c. Nov. 1 Machine B 61,e00 30,500 2 years 3,400 2,900 Machine C Assume Leroux Steel uses the straight-line method to depreciate its assets. Requlred: Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item. View transaction list Journal entry worksheet 2 3 > Record the depreciation on Machine A. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2020
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