LO 4.3Using the following information: make the December 31 adjusting journal entry for depreciation determine the net book value (NBV) of the asset on December 31 Cost of asset, $250,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $25,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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PA7. 

LO 4.3Using the following information:

  1. make the December 31 adjusting journal entry for depreciation
  2. determine the net book value (NBV) of the asset on December 31
  • Cost of asset, $250,000
  • Accumulated depreciation, beginning of year, $80,000
  • Current year depreciation, $25,000
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