Show Depreciation entry for 2018 year On January 2, 2018, McKnight Furniture purchased display shelving for $8,000 cash, expecting the shelving to remain in service for five years. McKnight depreciated the shelving on a double-ceclining-balance basis, with $1,500 estimated residual value. On September 30, 2019, the company sold the shelving for $2,400 cash.
Show Depreciation entry for 2018 year On January 2, 2018, McKnight Furniture purchased display shelving for $8,000 cash, expecting the shelving to remain in service for five years. McKnight depreciated the shelving on a double-ceclining-balance basis, with $1,500 estimated residual value. On September 30, 2019, the company sold the shelving for $2,400 cash.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Show Depreciation entry for 2018 year
On January 2, 2018, McKnight Furniture purchased display shelving for $8,000 cash, expecting the shelving to
remain in service for five years. McKnight depreciated the shelving on a double-ceclining-balance basis, with
$1,500 estimated residual value. On September 30, 2019, the company sold the shelving for $2,400 cash.
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