Calculate the equipment carrying amount at december

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Reference no: EM133435876

Questions: Oriole Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a December 31 year end. It purchased equipment on January 1, 2020, for $202,500. The equipment had an estimated useful life of five years and a residual of $19,000. On December 31, 2021, the company tests for impairment and determines that the equipment's fair value is $94,500.

Assuming annual depreciation has already been recorded at December 31, calculate the equipment's carrying amount at December 31, 2021, immediately after recording deprecation for the year.

Reference no: EM133435876

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