Hh sweet is purchasing equipment for its warehouse by

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HH Sweet is purchasing equipment for it's warehouse by making 9 pmts of $6,200 at an interest rate of 8% on July 31, 2013 with the first payment coming 12 months after the purchase. The useful life of the equipment is 9 years, the same as the loan duration. The residual value of the equipment will be 10% of the cash price and HH Sweet will use 150% declining balance depreciation. Provide the journal entry for the purchase and the depreciation entries for 2013 and 2014.

Reference no: EM13593130

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Hh sweet is purchasing equipment for its warehouse by : hh sweet is purchasing equipment for its warehouse by making 9 pmts of 6200 at an interest rate of 8 on july 31 2013
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