Oriole Enterprises purchased equipment on January 1, 2020. at acostof €342.000. Orlole uses the straight-line depreciation mathod,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.)Account Titles and ExplanationDebitCredit(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 Donot 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. Orlole uses the straight-line depreciation mathod,a 5 year estimated useful ife, andno residual value. At the endof 2020, independentappraisers determined that the asset

Revaluation: It implies to an increase in the fixed asset's current market value, compared to it's…

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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, and no residual value. At the endof 2020, independentappraisers determined that the assets have a fair value of E318.000. Prepare the journal entry to record 2020depreciation using the straight-ine method. (Credit account titles ave outomatically Indented when amoent isentered Do not indent monuolly) Account Titles and Explanation Debit Credit (To record deprecietion experise) e the journal entry torecord the revaluation of the equipment. (Credit occount titles are outomatically Indented when omount ed. Do not indent manually) Debit Credit unt Titles and Explanation adjust the plart assets to fair value and record revaluation clus) Textbook and Media stof Accounts e the journal entry to record 2021 depreciation, assuming no additional revaluation. (Credit account titles ore outomaticaly ed when amount is entered Do not indent manuolly) unt Titles and Explanation Debit Credit ecord depreciation expense)

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, and no residual value. At the endof 2020, independentappraisers determined that the assets have a fair value of E318.000. Prepare the journal entry to record 2020depreciation using the straight-ine method. (Credit account titles ave outomatically Indented when amoent isentered Do not indent monuolly) Account Titles and Explanation Debit Credit (To record deprecietion experise) e the journal entry torecord the revaluation of the equipment. (Credit occount titles are outomatically Indented when omount ed. Do not indent manually) Debit Credit unt Titles and Explanation adjust the plart assets to fair value and record revaluation clus) Textbook and Media stof Accounts e the journal entry to record 2021 depreciation, assuming no additional revaluation. (Credit account titles ore outomaticaly ed when amount is entered Do not indent manuolly) unt Titles and Explanation Debit Credit ecord depreciation expense)

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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