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Revision of Depreciation On January 2 of Year 1, Mosler, Inc., purchased...

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Accounting

Revision of Depreciation
On January 2 of Year 1, Mosler, Inc., purchased equipment for $66,000. The equipment was expected to have a $6,000 salvage value at the end of its estimated six-year useful life. Straight-line depreciation has been recorded. Before adjusting the accounts for Year 5, Mosler decided that the useful life of the equipment should be extended by two years and the salvage value decreased to $4,000.
a. Prepare a journal entry to record depreciation expense on the equipment for Year 5. Round your answer to the nearest dollar.
General Journal
Debit Credit
Dec. 31 Answer
Depreciation Expense - Equipment
Answer
Answer
0
Answer
Accumulated Depreciation - Equipment
Answer
0
Answer
To record depreciation expense.
b. What is the book value of the equipment at the end of Year 5(after recording the depreciation expense for Year 5)?
Book Value at year ended December 31, Year 5: $Answer
0

Answer & Explanation Solved by verified expert
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