Equipment was purchased for 70468 the equipment is, Accounting Basics

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Equipment was purchased for 70468 the equipment is

Question: Equipment was purchased for $70,468. The equipment is estimated to have a serviceable life of 8 years and a residual value of $2,500. Using straight-line depreciation, answer the following:

a. What is the amount of depreciation expense per month and per year?

b. Give the journal entry to record the depreciation expense for one year?

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Accounting Basics: Equipment was purchased for 70468 the equipment is

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Accounting Basics: Equipment was purchased for 70468 the equipment is

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