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Carder & Company purchased equipment for $ 24,000 with a useful life of eight years and no expected salvage value. Prepare the adjusting entry for the first year using the straight-line depreciation method and compute the book value at the end of the second year of the equipment's life

Respuesta :

24,000 - 0 / 8 = 3,000 Depreciation

Debit Depreciation expense - equipment $3,000

Credit Accumulated depreciation - equipment $3,000

Second year book value = 24,000 - 3,000
= $ 21,000

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