Reference no: EM132793242
Sandhill Co. paid $15,000 to purchase equipment on January 1, 2021. Sandhill Co. has a December 31 fiscal year end and uses straight-line depreciation. The company estimates the equipment will have a 6-year useful life.
Problem 1: Prepare the journal entry to record the purchase of the equipment on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Problem 2: Prepare the adjusting entries required on December 31, 2021, and 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Problem 3: Show the balance sheet presentation of the equipment at December 31, 2021, and 2022.
Problem 4: Show the income statement presentation of the equipment at December 31, 2021, and 2022.
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