WEEK4_DQ2 - January debit Cash $60,000 December debit...

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f. Equipment was purchased at the beginning of this year at a cost of $60,000. The equipment’s useful life is 5 years. Record depreciation for this year and then determine the equipment’s book value. Annual depreciation = $60,000 /5 years = 12,000/year (1000/month)
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Unformatted text preview: January debit Cash $60,000 December debit depreciation Expenses - Equipment $12,000 credit Accumulated Depreciation = Equipment $12,000 Assets = -12,000 Expenses = -12,000 Book Value $12,000 after one year pages: 136,137...
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This note was uploaded on 10/19/2011 for the course ACCT 212 taught by Professor Schmith during the Summer '11 term at DeVry NJ.

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