Question

Equipment was acquired at the beginning of the year at a cost of $465,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000.

journalize the entry

Answer 1

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Step-by-step explanation:

The equipment purchased costed $465,000. Using the straight line method, for depreciation, there was a residual value of $45,000 after 15 years.