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Give adjusting journal entries to record expense

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Question - Adjusting Journal Entries - Depreciation - Given the following cases, prepare the adjusting journal entries on December 31, 2020.

Presented below are the non-current assets of JEPS Company.

Acquisition Date Property Cost Scrap Value Estimated Life

April 1, 2014 Building 2,000,000 150,000 25 years

August 31, 2018 Furniture and Fixture1 27,000 5,000 10 years

October 16, 2020 Office Equipment 99,000 3,000 8 years

Required - Give the adjusting journal entries to record the depreciation expense for each property on December 31, 2020. Show your computation for each property in good form.

Reference no: EM132854908

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