On March 1, 2017 Green Company purchased a new piece of equipment for $210,000 cash....
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Accounting
On March 1, 2017 Green Company purchased a new piece of equipment for $210,000 cash. On March 1 Green recorded the equipment purchase with a Debit to the Equipment account and a Credit to the Cash account. Green estimates that the equipment will last 7 years. Green also estimates that at the end of 7 years the equipment will have no future value and will be scrapped. Green uses the straight-line depreciation method. In the General Journal below record the required March 31, 2017 adjusting journal entry for Marchs depreciation of the equipment.
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