On July 1, 2019, Crane Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $12,000 salvag value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvag value of $5,000.
On July 1, 2019, Crane Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $12,000 salvag value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvag value of $5,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare the journal entry to record depreciation on December 31, 2020. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:On July 1, 2019, Crane Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $12,000 salvage
value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage
value of $5,000.
(a)
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