On January 2 2017, the Matthew band acquired sound equipment for concert performances at a cost of $69,000. The band estimates it will use the equipment for 5 years. It estimates that after 5 years it can sell the equipment for $2,000. Matthew band uses straight line depreciation but realizes at the start of the second year that due to concert bookings beyond expectations, this equipment will last only a total of 3 years. The salvage value will remain the same. Record the depreciation journal entry for the end of the second year.
Journal entry would be: Debit............Depreciation... View the full answer
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- May 08, 2018 at 7:28pm
- I will answer when I see the questions
- May 08, 2018 at 7:29pm