On January 1, the company purchased equipment that cost $10,000. The equipment is expected to be worth about (or has a salvage value of) $1,000 at the end of its useful life in five years. The company uses straight-line depreciation. It has not recorded any adjustments relating to this equipment during the current year.
On January 1, the company purchased equipment that cost $10,000. The equipment is expected to be worth about (or has a salvage value of) $1,000 at the end of its useful life in five years. The company uses straight-line depreciation. It has not recorded any adjustments relating to this equipment during the current year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:On January 1, the company purchased equipment that cost $10,000. The equipment is expected to be worth
about (or has a salvage value of) $1,000 at the end of its useful life in five years. The company uses straight-line
depreciation. It has not recorded any adjustments relating to this equipment during the current year.
Complete the necessary December 31 journal entry
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