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Serggg [28]
2 years ago
5

22.On January 1, 2021, Amazon purchased a $64,000 office equipment and expected its useful economic life of 5 years. At the end

of year 5th, the company expected to sell the equipment for $4,000. It is now December 31, 2021. Which of the following entries are needed to be made before preparing financial statements?
a. Debit Office equipment $64,000; Credit Cash $64,000
b. Debit Depreciation expense - Office equipment $64,000; Credit Cash $64,000
c. Debit Depreciation expense - Office equipment $12,000; Credit Accumulated depreciation – Office equipment $12,000
d. Debit Accumulated depreciation – Office equipment $12,000; Credit Depreciation expense - Office equipment $12,000
Business
1 answer:
sveta [45]2 years ago
4 0

Answer:

C.

Explanation:

64000-4000 (salvage value)=60000

60000/5=12000 (annual depreciation)

depreciation expense.        12000

   Accumulated depreciation.     12000

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1 year ago
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alisha [4.7K]

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