Barga company purchases $20,000 of equipment on January 1, 2015. The equipment i

Question

Barga company purchases $20,000 of equipment on January 1, 2015. The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the entry to record one year’s depreciation expense of $3,600 for the equipment as of December 31, 2015 Barga company purchases $20,000 of equipment on January 1, 2015. The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the entry to record one year’s depreciation expense of $3,600 for the equipment as of December 31, 2015

Explanation / Answer

Answer

Journal Entries to record depreciation expense

Debit Credit Depreciation expense 3600 Accumulated Depreciation 3600

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