Sandhill Limited sold equipment on September 30, 2024, for $43,050 cash. The equipment originally cost $156,520 when purchased on January 1, 2022. It has an estimated residual value of $3,600 and a useful life of five years. Depreciation is recorded annually and was last recorded on December 31, 2023, the company's year end. Record debit side accounts first followed by credit side accounts. (a) Prepare the journal entry to update depreciation using the straight-line method to September 30, 2024. (List debit entry before credit entry. Credit account titles are automatically indented when the 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

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.