Lenovo Company purchased an equipment for $36,000 on January 1, 2018. The equipment has an...
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Lenovo Company purchased an equipment for $36,000 on January 1, 2018. The equipment has an estimated useful life of 4 years and no salvage value. On December 31, 2021, the company retired the equipment, straight method of depreciation is applied and financial statements are prepared annually at December 31. The depreciation adjusting entry for 2021 will include a: * Debit depreciation expense $36,000 Debit accumulated depreciation $36,000 Debit depreciation expense $9,000 Debit accumulated depreciation $9,000 O None of the above
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