Reference no: EM13967529
Prepare all necessary journal entries for 2016, 2017, and 2018 related to each of the following scenarios:
a. On January 1, 2016, Sustco Ltd. purchased a piece of equipment for $19,000. At the time, management determined that the equipment would have a residual value of $3,000 at the end of its five-year life. Sustco has a December 31 year end and uses the straight-line depreciation method.
b. On January 1, 2016, Sustco Ltd. purchased a piece of equipment for $19,000. At the time, management determined that the equipment would have a residual value of $3,000 at the end of its five-year life. Sustco has a December 31 year end and uses the double-diminishing-balance method.
c. On September 30, 2016, Sustco Ltd. purchased a piece of equipment for $19,000. At the time, management determined that the equipment would have a residual value of $3,000 at the end of its five-year life. Sustco has a December 31 year end and uses the straight-line depreciation method. Sustco ended up selling the piece of equipment on June 30, 2018, for $11,500.
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