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On July 1, 2021, Rodger Construction Co. bought a new concrete mixer. The mixer cost $54,000. The expected life is 16 years with a salvage value of $1,000. What is the journal entry for depreciation for the month of July assuming straight-line depreciation? Debit: Accumulated Depreciation, $3,312.50; Credit: Depreciation expense, $3,312.50 Debit: Depreciation Expense, $3,312.50; Credit: Accumulated Depreciation, $3,312.50 Debit: Depreciation Expense, $276.04; Credit: Accumulated Depreciation, $276.04 Debit: Accumulated Depreciation, $276.04; Credit: Depreciation expense, $276.04

On July 1, 2021, Rodger Construction Co. bought a new concrete mixer. The mixer cost $54,000. The expected life is 16 years with a salvage value of $1,000. What is the journal entry for depreciation for the month of July assuming straight-line depreciation? Debit: Accumulated Depreciation, $3,312.50; Credit: Depreciation expense, $3,312.50 Debit: Depreciation Expense, $3,312.50; Credit: Accumulated Depreciation, $3,312.50 Debit: Depreciation Expense, $276.04; Credit: Accumulated Depreciation, $276.04 Debit: Accumulated Depreciation, $276.04; Credit: Depreciation expense, $276.04

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, 2021, Rodger Construction Co. bought a new concrete mixer. The mixer cost $54,000. The expected life is 16 years with a salvage value of $1,000. What is the journal entry for depreciation for the month of July assuming straight-line depreciation?


Debit: Accumulated Depreciation, $3,312.50; Credit: Depreciation expense, $3,312.50


Debit: Depreciation Expense, $3,312.50; Credit: Accumulated Depreciation, $3,312.50


Debit: Depreciation Expense, $276.04; Credit: Accumulated Depreciation, $276.04


Debit: Accumulated Depreciation, $276.04; Credit: Depreciation expense, $276.04

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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