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ArbitrLikvidat [17]
3 years ago
6

If a fixed asset, such as a computer, were purchased on January 1st for $3,750 with an estimated life of 3 years and a salvage o

r residual value of $150, the journal entry for monthly expense under straight-line depreciation is:________1. EOM Accumulated Depreciation 1,200Depreciation Expense 1,2002. EOM Depreciation Expense 100Accumulated Depreciation 1003. EOM Accumulated Depreciation 100Depreciation Expense 1004. EOM Depreciation Expense 1,200Accumulated Depreciation 1,200
Business
1 answer:
damaskus [11]3 years ago
4 0

Answer:

2. EOM Depreciation Expense 100 Accumulated Depreciation 100

Explanation:

The journal entry to record the monthly expense under straight-line depreciation is shown below:

EOM Depreciation Expense A/c Dr $100

      To Accumulated Depreciation A/c $100

(Being depreciation expense is recorded)

The computation is shown below:

= (Purchase value of a fixed assets - estimated residual value) ÷ (useful life × total number of months in a year)  

= ($3,750 - $150) ÷ (3 years × 12 months)  

= ($3,600) ÷ (36 years)  

= $100

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Answer:

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Assets = Liabilities + Stockholders Equity

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Now, we replace the amounts in the formula

$84,325 = $2,560 + X

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                             ($54,780 - $28,125 - $13,450)

$84,325 = $2,560 + X

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$84,325 = $2,560 + X

                              [  X  + $13,205 ]

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$84,325 = $2,560 + $81,765

Both sides are now equal to $84,325

Thus, Common Stock = $68,560

                             

                           

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