On January 1, 2016, ABC Corporation purchased Equipment C for $72,000. Equipment C is expected to have a useful life of 8 years,

Question

2 years ago

7

On January 1, 2016, ABC Corporation purchased Equipment C for $72,000. Equipment C is expected to have a useful life of 8 years,

and a salvage value of $2,400. Assume that ABC uses the straight-line method of depreciation for Equipment C. A Prepare the journal entry to record depreciation on the equipment for 2016. (5)

Business

1 answer:

Black_prince [1.1K] · Answer 1 · 2022-08-28T19:22:47+03:00

Black_prince [1.1K]2 years ago

3 0

Answer:

Debit : Depreciation $8,700

Credit : Accumulated Depreciation $8,700

Explanation:

the journal entry to record depreciation on the equipment for 2016.