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Question 1 You have a depreciable asset as follows: Equipment purchased for $100,000 Useful life...

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Accounting

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Question 1 You have a depreciable asset as follows: Equipment purchased for $100,000 Useful life is 10 years The equipment has no salvage value Annual depreciation expense is calculated as (historical cost- salvage value)/useful life (100,000)/10 = $10,000 annual depreciation expense 1.) What is the Journal Entry to record this annual depreciation expense? (Remember one DR and one CR account.) 2.) Which financial statement(s) does this journal entry impact? (want typed answer)

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