The journal entry for the annual depreciation is that; The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.
<h3>What is Annual Depreciation?</h3>
The account for the computer equipment is gotten online as;
ACCT 167 - Computer Equipment
Debit - 22,400 ;
ACCT 163 - Office Equipment
Debit - 8,000
Depreciation is defined as the allocation of the cost of the physical asset over the useful life of the asset.
Now, depreciation is typically a non-cash expense of the business. This means that the value of the asset will decrease as the business uses the asset for its' operational activities.
Finally, the normal wear and tear in the value of the asset are recorded as the depreciation and so the depreciation can be calculated as;
Annual Depreciation = (Purchase Value - Salvage Value)/Useful life of the asset
Since the computer system has a four year life with no salvage value, then;
Salvage Value = 0
Useful Life = 4
Thus;
Annual Depreciation of computer equipment = (22400 - 0)/4
Annual Depreciation of computer equipment = $5600
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