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Record the journal entry for the first year of depreciation

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Harris Company recently purchased new equipment. The equipment cost $100,000 and has an estimated useful life of either 5 years or 5,000 hours of operation. The salvage value is estimated to be $500.

Required:

Question 1: Assume the company has decided to use the straight-line method of depreciation. Record the journal entry for the first year of depreciation.

Question 2: Assume the company has decided to use the units-of-production method of depreciation. Record the journal entry for the first year of depreciation assuming the equipment was used for 190 hours of operation.

Question 3: Assume the company has decided to use the double-declining balance method of depreciation. Record the journal entry for the first year of depreciation.

Reference no: EM132702769

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