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Flint Corporation purchased equipment costing $136,800 on January 1, 2021. At that time the useful life of the equipment was estimated to be 12 years and the residual value was estimated to be $7,620. Depreciation up to December 31, 2022 has been recorded using the straight-line method and the company operates on a calendar year basis. On January 1, 2023, the estimated useful life was revised to a total of 10 years and the residual value was revised to $8,422. Prepare the journal entry to record the depreciation expense for 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Round answers to 0 decimal places, e.g. 5,275.) Account Titles Depreciation Expense Accumulated Depreciation - Equipment Debit 68400 Credit 68400

Flint Corporation purchased equipment costing $136,800 on January 1, 2021. At that time the useful life of the equipment was estimated to be 12 years and the residual value was estimated to be $7,620. Depreciation up to December 31, 2022 has been recorded using the straight-line method and the company operates on a calendar year basis. On January 1, 2023, the estimated useful life was revised to a total of 10 years and the residual value was revised to $8,422. Prepare the journal entry to record the depreciation expense for 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Round answers to 0 decimal places, e.g. 5,275.) Account Titles Depreciation Expense Accumulated Depreciation - Equipment Debit 68400 Credit 68400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Flint Corporation purchased equipment costing $136,800 on January 1, 2021. At that time the useful life of the equipment was estimated to be 12 years and the residual value was estimated to be $7,620. Depreciation up to December 31, 2022 has been recorded using the straight-line method and the company operates on a calendar year basis. On January 1, 2023, the estimated useful life was revised to a total of 10 years and the residual value was revised to $8,422. Prepare the journal entry to record the depreciation expense for 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Round answers to 0 decimal places, e.g. 5,275.) Account Titles Depreciation Expense Accumulated Depreciation - Equipment Debit 68400 Credit 68400
Transcribed Image Text:Flint Corporation purchased equipment costing $136,800 on January 1, 2021. At that time the useful life of the equipment was estimated to be 12 years and the residual value was estimated to be $7,620. Depreciation up to December 31, 2022 has been recorded using the straight-line method and the company operates on a calendar year basis. On January 1, 2023, the estimated useful life was revised to a total of 10 years and the residual value was revised to $8,422. Prepare the journal entry to record the depreciation expense for 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Round answers to 0 decimal places, e.g. 5,275.) Account Titles Depreciation Expense Accumulated Depreciation - Equipment Debit 68400 Credit 68400
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