3. On January 1, 20X3, Emilys Boutique purchased equipment for $150,000 that is expected to...
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3. On January 1, 20X3, Emilys Boutique purchased equipment for $150,000 that is expected to have a 5 year useful life and a $15,000 salvage value. Straight-line depreciation is used. Adjusting entries are made monthly to record depreciation expense. The equipment will be reported on the statement of financial position as follows on December 31, 20X4: a. Equipment.. $150,000 Less: Accumulated depreciation. 54,000 Equipment (net).. $96,000 b. Equipment.. $150,000 Less: Accumulated depreciation. 27,000 Equipment (net)..$123,000 c. Equipment.. $150,000 Less: Accumulated depreciation. 81,000 Equipment (net).. $69,000 d. Equipment.. $150,000 Less: Accumulated depreciation. 2,250 Equipment (net)..$147,750
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