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Calculate the depreciation expense of equipment each year

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Reference no: EM132911327

Brisbane Connection purchased an item of equipment for cash$58,000(ignore GST) on 1 July 2020. It is expected that the useful life of the equipment will be 9 years and the residual value will be $4,000. The entity adopts the straight-line depreciation method.

Required:

Problem 1) Prepare the journal entry to record the purchase of the equipment in 2020

Problem 2) Calculate the depreciation expense of this equipment each year and prepare the journal entry for the year ending 30 June 2021

Reference no: EM132911327

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