Sunland Company sells equipment on March 31, 2024, for $34,445 cash. The equipment was purchased on January 5, 2021, at a of $83,500, and had an estimated useful life of five years and a residual value of $3,300. Sunland Company uses straight-line depreciation for equipment. Adjusting journal entries are made annually at the company's year end, December 31. (a) Prepare the journal entry to update depreciation to March 31, 2024. (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. debit entry before credit entry.) Date Account Titles Mar. 31 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.