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Prepare journal entry for the depreciation expense

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Reference no: EM132555745

Lisa Limited Pty Ltd purchases a new equipment on 1 January 2015. The equipment cost was $200,000 and useful life was 10 years with zero residual value. On January 1, 2019, the company decides that the equipment will last total 20 years rather than 10 years. The company uses straight-line method of depreciation and the fiscal year end is 31 December.

Required:

Question 1: Calculate depreciate for 2015, 2016, 2017 and 2018.

Question 2: How will the equipment be reported on the balance sheet on December 31, 2018?

Question 3: Calculate depreciation for 2019 and prepare journal entry for the depreciation expense.

Reference no: EM132555745

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