Wildhorse Company purchased a computer system for $82,600 on January 1, 2024. It was depreciated based on a 8-year life and an $17,000 salvage value. On January 1, 2026, Wildhorse revised these estimates to a total useful life of 4 years and a salvage value of $10,200. Prepare Wildhorse's entry to record 2026 depreciation expense. Wildhorse uses straight-line depreciation. (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. List debit entry before credit entry.) Account Titles and Explanation Depreciation Expense Accumulated Depreciation-Equipment Debit 14000 Credit 14000
Wildhorse Company purchased a computer system for $82,600 on January 1, 2024. It was depreciated based on a 8-year life and an $17,000 salvage value. On January 1, 2026, Wildhorse revised these estimates to a total useful life of 4 years and a salvage value of $10,200. Prepare Wildhorse's entry to record 2026 depreciation expense. Wildhorse uses straight-line depreciation. (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. List debit entry before credit entry.) Account Titles and Explanation Depreciation Expense Accumulated Depreciation-Equipment Debit 14000 Credit 14000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 4CE: Grandorf Company replaced the engine in a truck for 8,000 and expects the new engine will extend the...
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