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Problem - Wookland, Inc. paid $210,000 for equipment on January 1, 2019. The equipment has an estimated useful life of 8 years and $40,000 salvage value.
Using the straight-line method:
1. Prepare the journal entry to record the purchase of the equipment on January 1, 2019.
2. Prepare the adjusting journal entry to record depreciation for 2019.
3. What amount would appear on the 2019 and 2020 financial statements regarding:
Depreciate Expense
Equipment
Accumulated Depreciation
4. Compute the book value of the equipment at December 31, 2020.
Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment. The balance in the prepaid insurance account, before adjustment at the end of the year, is $10,730.
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