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What is the initial journal entry to record the purchase

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Question - FastForward purchased equipment on December 1 for $26,000 cash. What is the initial journal entry to record the purchase?

FastForward uses straight-line depreciation. The Equipment has a useful live of 5 years and is expected to be worth $8,000 at the end of 5 years. Calculate the straight-line depreciation expense for one year and then calculate the monthly amount of depreciation:

What is the December 31 adjusting journal entry for FastForward depreciation should be expensed because the equipment was purchased on December 1?

What is the net book value reported on the balance sheet at 12/31 for Equipment?

Reference no: EM132681676

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