5. On January 2, 20X1, Emilys boutique purchased equipment for %51,000 which is expected to...
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Accounting
5. On January 2, 20X1, Emilys boutique purchased equipment for %51,000 which is expected to have 8 year useful life and a $3,000 salvage value. Stright-line depreciation is used. A) Prepare an adjusting entry for depreciation expense for the month ending January 31, 20X1. B) What is total depreciation expense for the fiscal year ending December 31, 20X6? C)Show the presentation in the statement of financial position as of December 31, 20X6 of this equipment under U.S. generally accepted accounting principles.
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