On July 1, 2021, ABC purchased a car for the business purpose and paid $30,000. The car’s useful life time is five years and its salvage value is $12,000. Make a journal entry on July 1. Make a journal entry on December 31, 2021. Make a journal entry on December 31, 2022.
On July 1, 2021, ABC purchased a car for the business purpose and paid $30,000. The car’s useful life time is five years and its salvage value is $12,000. Make a journal entry on July 1. Make a journal entry on December 31, 2021. Make a journal entry on December 31, 2022.
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 55P
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On July 1, 2021, ABC purchased a car for the business purpose and paid $30,000. The car’s useful life time is five years and its salvage value is $12,000.
- Make a
journal entry on July 1. - Make a journal entry on December 31, 2021.
- Make a journal entry on December 31, 2022.
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