Question

On January 1, 2016, ABC Corporation purchased Equipment C for $72,000. Equipment C is expected to have a useful life of 8 years, and a salvage value of $2,400. Assume that ABC uses the straight-line method of depreciation for Equipment C. A Prepare the journal entry to record depreciation on the equipment for 2016. (5)

Answer 1

Debit : Depreciation $8,700

Credit : Accumulated Depreciation $8,700

Step-by-step explanation:

the journal entry to record depreciation on the equipment for 2016.