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Record the purchase of the equipment

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Reference no: EM132431100

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:

  • Prepare the journal entry to record the purchase of the equipment on January 1, 2019.
  • Prepare the adjusting journal entry to record depreciation for 2019.
  • What amount would appear on the 2019 and 2020 financial statements regarding: 
  • Compute the book value of the equipment at December 31, 2020?

Reference no: EM132431100

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