Current Attempt in Progress Equipment was acquired on January 1, 2025 at a cost of $168,000. The equipment was originally estimated to have a salvage value of $8,800 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method. On January 1, 2028, the estimated salvage value was revised to $14,800 and the useful life was revised to a total of 8 years. Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Depreciation expense for 2028 $ Adjusting journal entry at 12/31/28: Date Account Titles and Explanation Dec. 31 Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Current Attempt in Progress
Equipment was acquired on January 1, 2025 at a cost of $168,000. The equipment was originally estimated to have a salvage value of
$8,800 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method.
On January 1, 2028, the estimated salvage value was revised to $14,800 and the useful life was revised to a total of 8 years.
Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles and enter
O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries
before credit entries.)
Depreciation expense for 2028 $
Adjusting journal entry at 12/31/28:
Date
Dec. 31
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Current Attempt in Progress Equipment was acquired on January 1, 2025 at a cost of $168,000. The equipment was originally estimated to have a salvage value of $8,800 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method. On January 1, 2028, the estimated salvage value was revised to $14,800 and the useful life was revised to a total of 8 years. Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Depreciation expense for 2028 $ Adjusting journal entry at 12/31/28: Date Dec. 31 Account Titles and Explanation Debit Credit
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