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On January 1, 2022, equipment was purchased for SAR 1000,000 cash. The equipment useful life...

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Question

Accounting

On January 1, 2022, equipment was purchased for SAR 1000,000 cash. The equipment useful life is 10 years and has an estimated salvage value of SAR 50,000,000.

Required:

  1. Compute the annual depreciation expense for year 2022 using straight line method and Declining Balance Method.
  2. Pass journal entries to record the annual depreciation using straight line method and Declining Balance Method.

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