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  3. a. company has purchased an equipment and the deta

a. Company has purchased an equipment and the details are provided below: Equipment cost =...

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Question

Accounting

a. Company has purchased an equipment and the details are provided below:

Equipment cost = $23,000

Residual Value = $3000

Useful life

= 5 years

Purchase date = April 30, 2021

Required

1. What is the annual depreciation?

2. Post the entries in a journal for depreciation at Dec 31 2022 and Dec 31 2023.

3. Show your transactions on T-accounts

Answer & Explanation Solved by verified expert
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