Question

practice problems on straight line method​

Answer 1

Answer:

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Answer 2

Answer:

1. A company purchases a machine for its manufacturing facility for $90,000 in January and as of December has recorded only 11 months of depreciation. The machinery is estimated to have a useful life of 5 years. What is the proper entry to record the year-end adjustment for depreciation, assuming the straight-line method is used?
2. A company purchased a truck for $25,000 on January 1 and as of December has not recorded any depreciation. The truck is estimated to have a useful life of 5 years, and straight-line depreciation is used. What is the proper entry to record the year-end adjustment for depreciation?