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Delvig [45]
2 years ago
7

On January 1, Miami Gold Exchange paid cash of $64,800 for computers that are expected to remain useful for six years. At the en

d of six years, the value of the computers is expected to be zero Read the requirements Requirement 1. Calculate the amount of depreciation for the month of January using the straight-line depreciation method. Begin by selecting the labels, than enter the amounts and compute the amount of depreciation for the month of January. (Abbreviation used; Acc. Depreciation Accumulated Depreciation. Enter a "O" for any zero balances.) )1 / 12 monthsStraight-line depreciation Requirements 1. Calculate the amount of depreciation for the month of January using the straight-line depreciation method 2. Record the adjusting entry for depreciation on January 31 3. Post the purchase of January 1 and the depreciation on January 31 to T-accounts for the following accounts: Computer Equipment, Accumulated DepreciationComputer Equipment, and Depreciation Expense Computer Equipment. Show their balances at January 31 4. What is the computer equipment's book value at January 31?
Business
1 answer:
Dmitry_Shevchenko [17]2 years ago
4 0

Answer: See explanation

Explanation:

The amount of depreciation for the month of January using the straight line depreciation method will be:

= (Cost - Salvage Value) / Life of Assets / 12 Months

= ($64,800 - $0) / 6 Years / 12 Months

= $10800/12

= $900 per month

The adjusting entry for depreciation on January 31 will be:

Dr Depreciation Expense - Computer Equipment $900

Cr Accumulated Depreciation-Computer Equipment $900

(To record the depreciation expense)

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