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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

FINANCIAL ACCOUNTING
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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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
Transcribed Image Text: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
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