Problem: On July 1, 2019, Bens Asphalt purchased new equipment for $80,000. Its estimated useful life was 8 years with a $16,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000.
What would the journal entry to record depreciation on December 31, 2019 look like with an account title, debit, and credit?
What would the journal entry to record depreciation on December 31, 2020 look like with an account title, debit and credit?
How do I compute the revised annual depreciation on December 31, 2022?
What would the journal entry to record depreciation on December 31, 2022 look like with an account title, debit and credit?
How would I compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022?
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