Oriole Enterprises purchased equipment on January 1, 2020. at acostof €342,000. Oriole uses the straight-line depreciation method,a 5 year estimated useful ife, andno residual value. At the endof 2020, independentappraisers determined that the assets have a fairvalue of €318.000.Prepare the journal entry to record 2020depreciation using the straight-line method. (Credit account tities ave automaticallyIndented when amoent is entered. Do not indent monuolAccoont Titles and ExplanationDebitCredit(To record depreciation experise)Prepare the journal entry torecord the revaluation of the equipment. (Credit occount titles ore outomatically Indented when omountIsentered. Do not Indent manually.)DebitCreditAccount Titles and Explanation(To adjust the plant assets to fair value and record revaluationsurplus)eTextbook and MediaListof AccountsPrepare the journal entry to record 2021 depreciation, assuming no additional revaluation. (Credit account titles are outomaticallyindented when omournt is entered Do not indent manually)ACcount Titles and ExplanationDebitCredit(To record depreciation expense)

Name: Oriole Enterprises purchased equipment on January 1, 2020. at acostof
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Description: Oriole Enterprises purchased equipment on January 1, 2020. at acostof €342,000. Oriole uses the straight-line depreciation method,a 5 year estimated useful ife, andno residual value. At the endof 2020, independentappraisers determined that the asset

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Oriole Enterprises purchased equipiment on January 1. 2020, at acost of €342,000. Oriale uies the straight-line depreciation method, a 5-year estimated useful ife, and no residual value. At the endof 2020, independent appraisers determined that the assets have a fair value of €3 18.000. Prepare the journal entry to record 2020depreciation using the straight-line method. (Credit account titles ave automatically Indented when amoent is entered Do not indent manuolly Accoont Ttles and Explanation Debit Credit

Oriole Enterprises purchased equipiment on January 1. 2020, at acost of €342,000. Oriale uies the straight-line depreciation method, a 5-year estimated useful ife, and no residual value. At the endof 2020, independent appraisers determined that the assets have a fair value of €3 18.000. Prepare the journal entry to record 2020depreciation using the straight-line method. (Credit account titles ave automatically Indented when amoent is entered Do not indent manuolly Accoont Ttles and Explanation Debit Credit

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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