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8_murik_8 [283]
3 years ago
7

On January 1, Imlay Company purchases manufacturing equipment costing $95,000 that is expected to have a five-year life and an e

stimated salvage value of $5,000. Imlay uses the straight-line depreciation method to allocate costs, and only prepares adjustments at year-end. The adjusting entry needed on December 31 of the first year is:
A. Debit Depreciation Expense, $9,000; credit Accumulated Depreciation, $9,000.B. Debit Depreciation Expense, $9,000; credit Equipment, $9,000.C. Debit Depreciation Expense, $18,000; credit Accumulated Depreciation, $18,000.D. Debit Depreciation Expense, $18,000; credit Equipment, $18,000.E. Debit Depreciation Expense, $90,000; credit Accumulated Depreciation, $90,000.
Business
1 answer:
ExtremeBDS [4]3 years ago
3 0

Answer:

Option C is correct

Explanation:

Using straight line depreciation method we can calculate the annual depreciation of the machinery, which can be calculated from the following formula:

Straight Line Depreciation = (Cost - Salvage Value) / Useful value

Straight Line Depreciation = ($95000 - $5000) / 5 years life = $18,000

The double entry would be:

Dr Depreciation Expense $18,000

Cr Accumulated Depreciation $18,000

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