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docker41 [41]
3 years ago
13

On January 1, 2017, Salt Creek Country Club purchased a new riding mower for $15,200. The mower is expected to have a 10-year li

fe with a $2,900 salvage value. What journal entry would Salt Creek make on December 31, 2017, if it uses straight-line depreciation?
Business
2 answers:
Lesechka [4]3 years ago
5 0

Answer:

Depreciation (debit) $1,230

Accumulated Depreciation - Riding Mower (credit) $1,230

Explanation:

Straight Line Method of Depreciation, charges the same amount of depreciation over the useful life of the asset.

Depreciation Charge = (Cost - Residual Value)/ Useful Life

<em><u>2017</u></em>

Depreciation Charge = ($15,200 - $2,900)/ 10-years

                                   = $1,230

<em>Recognize the depreciation expense to Profit and Loss and Accumulate the Depreciation Charge in Financial Statement through Accumulate Depreciation Account.</em>

Depreciation (debit) $1,230

Accumulated Depreciation - Riding Mower (credit) $1,230

mylen [45]3 years ago
5 0

Answer:

Debit depreciation expenses with $1,230, and credit accumulated depreciation also with $1,230.

Explanation:

Annual depreciation expenses = ($15,200 - $2,900) ÷ 10 = $12,300 ÷ 10 = $1,230

The journal entries that Salt Creek would make on December 31, 2017 are as follows:

Details                                      Dr ($)                  Cr ($)

Depreciation expenses          1,230

Accumulated depreciation                                1,230

<u><em>Being riding mower depreciation for the year                 </em></u>

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