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c. Accumulated Depreciation: The company has only one plant asset (equipment) asset had...

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Accounting

c $.$ Accumulated Depreciation: The company has only one plant asset $($ equipment $)$

asset had cost $ $72, 000,$ had an estimated life of seven years, and is expected to be valued at $16000,$ and at the end of seven years. The company uses straight $-$ line depreciation method to calculate its depreciation method to calculate its depreciation.

Step $1$ : Determine what the current account balance equals.

Step $2$ : Determine what the current account balance should equal.

Step $3$ : Record the December $31$ adjusting entry to get from step $1$ to step $2 .$

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