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Prepare the entries to record one year depreciation expense

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Problem - For each separate case, record an adjusting entry (if necessary).

a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the end of that time.

b. Welch Company purchases $10,000 of land on January 1. The land is expected to last forever.

Prepare the entries to record one year's depreciation expense of $3,600 for the equipment and what depreciation adjustment, if any, eBook should be made with respect to the Land account as of December 31?

Reference no: EM132908656

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