Batman Inc. uses revaluation accounting for its Machinery. The following information has been provided. July 7, 2022: Purchased Machinery for $250 000 on account. Estimated Useful Life: 10 years Residual Value: $0 Depreciation Method: Straight-line (nearest full month) Frequency of Revaluation: Annually Valuation Data July 7, 2022: $250 000 December 31, 2022: $234 000 December 31, 2023: $220 000  Prepare the following entries for December 2022. 1. What is the journal entry to record depreciation for December 2022? 2. The journal entry to eliminate accumulated depreciation December 2022 3. To record change in report of value of asset for December 2022

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Batman Inc. uses revaluation accounting for its Machinery. The following information has been provided. July 7, 2022: Purchased Machinery for $250 000 on account. Estimated Useful Life: 10 years Residual Value: $0 Depreciation Method: Straight-line (nearest full month) Frequency of Revaluation: Annually Valuation Data July 7, 2022: $250 000 December 31, 2022: $234 000 December 31, 2023: $220 000  Prepare the following entries for December 2022. 1. What is the journal entry to record depreciation for December 2022? 2. The journal entry to eliminate accumulated depreciation December 2022 3. To record change in report of value of asset for December 2022

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