On July 1, 2022, Sunland Company purchased new equipment for $92,800. Its estimated useful life...
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On July 1, 2022, Sunland Company purchased new equipment for $92,800. Its estimated useful life was 7 years with a $11,600 salvage value. On January 1, 2025, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,800.
- Prepare the journal entry to record depreciation on December 31, 2022.
- Prepare the journal entry to record depreciation on December 31, 2023.
- Compute the revised annual depreciation on December 31, 2025.
- Prepare the journal entry to record depreciation on December 31, 2025.
- Compute the balance in Accumulated Depreciation - Equipment for this equipment after depreciation expense has been recorded on December 31, 2025.
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