To record depreciation expense for the year for a motor vehicle. Cost was $50,000, residual value is estimated at $5,000, and useful life is estimated at 5 years. Straight line method is used. Please select the correct journal entry for it O Dr Dr O Dr Dr Cr Cr Motor vehicle Cr Depreciation expense Depreciation expense 45,000 Cr Cash Depreciation expense Motor vehicle Cash 10,000 Accumulated depreciation 9,000 45,000 9,000 10,000 9,000 9,000

To record depreciation expense for the year for a motor vehicle. Cost was $50,000, residual value is estimated at $5,000, and useful life is estimated at 5 years. Straight line method is used. Please select the correct journal entry for it O Dr Dr O Dr Dr Cr Cr Motor vehicle Cr Depreciation expense Depreciation expense 45,000 Cr Cash Depreciation expense Motor vehicle Cash 10,000 Accumulated depreciation 9,000 45,000 9,000 10,000 9,000 9,000

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter9: Depreciation (deprec)

Section: Chapter Questions

Problem 4R: To test your formulas, assume the machine purchased had an estimated useful life of three years...

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Calculate the total cost, total depreciation, and annual depreciation (in $) for the following assets by using the straight-line method. (Round your answers to the nearest cent.) Estimated Shipping Charges Setup Charges Total Salvage Value Total Annual Useful Life (years) Cost Cost Depreciation Depreciation $88,700 $625 $2,500 $7,000
Consider the following data on an automobile:Cost basis of the asset(l)= $10,000;Useful life (N) = 5 years;Estimated salvage value (S) = $2,000.Compute the annual depreciation allowances and the resulting book values using the straight-line depreciation method.
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Consider the following accounting information for a computer system: Cost basis of the asset, I = $10,000, Useful life, N = 5 years, Estimated salvage value, S = $0. Use the double-declining-depreciation method to compute the annual depreciation allowances and the resulting book values.
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