80.2K

Verified Solution

Link Copied!

On July 1, 2019, Pharoah Company purchased newequipment for $80,000. Its estimated useful life was B ysars with a $16,000 salvage value On December 31, 2022, the company astimated that the equipment's remaining usaful life was 10 years, with a revised salvage value of $5,000. Propars the journal sntry to record dspreciation on Decomber 31.2019.(Credit account titles are automatically indented when amount is entered. Do not indent manualh, if no entry is reguired, select "No Entry" for the gccount titles and enter O for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Medla List of Accounts Prepare the journal entry to record depreciation on December 31,2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Medla List of Accounts Computa the revised annual depreciation on December 31, 2022 Ravised annual depreciation S eTextbook and Medla List of Accounts Prepare the journal antry to record depreciation on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Medla List of Accounts Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has bsen recorded on December 31, 2022. Accumulated Depreciation-EquipmentS

Answer & Explanation Solved by verified expert

See Answer