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On July 1 2019 Carla Vista Co purchased new equipment for $85,000. its estimated useful life was 5 years with 10,000 salvage value. On december 31 2022, before calculating annual depreciation. the company estimated that equipment remaining useful life was 10 years, with revised salvage value of $5,000 B) prepare a journal entry to record december 31 2020

On July 1 2019 Carla Vista Co purchased new equipment for $85,000. its estimated useful life was 5 years with 10,000 salvage value. On december 31 2022, before calculating annual depreciation. the company estimated that equipment remaining useful life was 10 years, with revised salvage value of $5,000 B) prepare a journal entry to record december 31 2020

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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On July 1 2019 Carla Vista Co purchased new equipment for $85,000. its estimated useful life was 5 years with 10,000 salvage value. On december 31 2022, before calculating annual depreciation. the company estimated that equipment remaining useful life was 10 years, with revised salvage value of $5,000 B) prepare a journal entry to record december 31 2020
Transcribed Image Text:On July 1 2019 Carla Vista Co purchased new equipment for $85,000. its estimated useful life was 5 years with 10,000 salvage value. On december 31 2022, before calculating annual depreciation. the company estimated that equipment remaining useful life was 10 years, with revised salvage value of $5,000 B) prepare a journal entry to record december 31 2020
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