i need the answer quickly On June 6, 2020, Lindhardt Chocolates Ltd. purchased assembly line equipment for $511,200. Lindhardt's management estimatedthat the equipment had a useful life of four years and an estimated residual value of $36,000. Lindhardt uses the straight-line methodof depreciation and has a December 31 year end. On June 21, 2022, the machine was sold for $145,600.Your answer is correct.Prepare the journal entry to record the acquisition of the equipment. (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCredit

Answered: Prepare the journal entry to record the…

Business

Accounting

Prepare the journal entry to record the acquisition of the equipment.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7E: Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for...

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