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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me with show all calculation thanku

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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