For each separate case below, follow the three-step process for adjusting the accumulated depreciation account at December 31. S
tep 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year.
1 answer:
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Answer:
$1,150.
Explanation:
First, we find what that 15% is by setting an equation:
This gives us: $150
Now, we just add that to the deposited money.
$1000 + $150 = $1,150
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