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Prepare the journal entry to record depreciation

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Question - Sadler Corporation purchased equipment to be used in manufacturing. The purchase was made at the beginning of 2018 by paying cash of $150,000. The equipment has an estimated residual value of $10,000 and an expected useful life of 10 years and it cost $2,000 to install the equipment. At the very beginning of 2019 the company paid $3,000 for repairs and maintenance on the equipment. At the beginning of 2020, Sadler concluded that the total useful life of the equipment will be 8 years rather than 10, and that the residual value will be zero. Sadler uses the straight-line method for depreciation.

Required -

A. Prepare the journal entry to record depreciation on the equipment for 2019.

B. Prepare the journal entry to record depreciation on the equipment for 2020.

Reference no: EM133177846

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