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On January 1, 2022, Marigold Country Club purchased a new riding mower for $30,000. The mower is expected to have an 5-year life with a $3,000 salvage value. What journal entry would Marigold make at December 31, 2022, if it uses straight-line depreciation? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

On January 1, 2022, Marigold Country Club purchased a new riding mower for $30,000. The mower is expected to have an 5-year life with a $3,000 salvage value. What journal entry would Marigold make at December 31, 2022, if it uses straight-line depreciation? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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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On January 1, 2022, Marigold Country Club purchased a new riding mower for $30,000. The mower is expected to have an 5-year life with a $3,000 salvage value.

What journal entry would Marigold make at December 31, 2022, if it uses straight-line depreciation? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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