Accounting for depreciation on plant asset and its journal

Assignment Help Financial Accounting

Reference no: EM13356438

Accounting for depreciation on plant asset and its journal entry.

On April 1, 2007, SAS Corp. purchased and placed in service a plant asset. The following information is available regarding the plant asset:

Acquisition cost ......................................................	$140,000
Estimated salvage value ..........................................	$15,000
Estimated useful life ...............................................	5 years

Make the necessary adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year using straight-line depreciation method.

	Debit	Credit
Dec 31 2007


Dec 31 2008

Reference no: EM13356438

Questions Cloud

Greeting card industry position and formulating planany : greeting card industry position and formulating planany strategic decision must be evaluated with careful consideration

Journalize the transactionsnbsp from the given : journalize the transactionsnbsp from the given information.journalize the following merchandising transactions for csi

From the information calculate diluted earnings per : from the information calculate diluted earnings per share.record adjusting entries and prepare financial statements.the

Journal entries in relation to plant asset : journal entries in relation to plant asset transactions.mahoney company had the following transactions involving plant

Accounting for depreciation on plant asset and its journal : accounting for depreciation on plant asset and its journal entry.on april 1 2007 sas corp. purchased and placed in

Multiple choice questions on plant assets natural resources : multiple choice questions on plant assets natural resources and intangibles.1.nbspan analysis of a recent sale of five

Multiple choice questions related to depreciation1nbspa : multiple choice questions related to depreciation.1.nbspa plant asset with a five-year estimated useful life and no

Calculation of carrying value of the assetanbspa company : calculation of carrying value of the asset.a.nbspa company using the group method fro its delivery trucks retired one

Calculation of book value of machineluther soaps purchased : calculation of book value of machine.luther soaps purchased a machine on january 1 2007 for 18000 cash the machine has

User Account

All Pages