On January 1, 2020, Charles Co purchased an equipment for $90,000 cash. Charles estimated the...
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Accounting
On January 1, 2020, Charles Co purchased an equipment for $90,000 cash. Charles estimated the equipment would have a 5- year useful life and a residual value of $5,000. The Company uses straight-line depreciation and has a December 31 fiscal year end. a. Equipment depreciation expense for year 2020 was $ 4 b. As at December 31, 2020, the carrying amount of the Equipment shown on the balance sheet was $ c. Charles sold the Equipment for $60,000 on January 2, 2021, the disposal resulted in a [13 of $
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