Exercise 9-08 On July 1, 2019, Ivanhoe Company purchased new equipment for $90,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000.           Prepare the journal entry to record depreciation on December 31, 2019. (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.) Account Titles and Explanation Debit Credit enter an account title   enter a debit amount   enter a credit amount   enter an account title   enter a debit amount   enter a credit amount       SHOW LIST OF ACCOUNTS LINK TO TEXT       Prepare the journal entry to record depreciation on December 31, 2020. (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.) Account Titles and Explanation Debit Credit enter an account title   enter a debit amount   enter a credit amount   enter an account title   enter a debit amount   enter a credit amount       SHOW LIST OF ACCOUNTS LINK TO TEXT       Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation   $       SHOW LIST OF ACCOUNTS LINK TO TEXT       Prepare the journal entry to record depreciation on December 31, 2022. (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.) Account Titles and Explanation Debit Credit enter an account title   enter a debit amount   enter a credit amount   enter an account title   enter a debit amount   enter a credit amount       SHOW LIST OF ACCOUNTS LINK TO TEXT       Compute the balance in Accumulated Depreciation—Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. Accumulated Depreciation—Equipment   $       Click if you would like to Show Work for this question:

Question

Exercise 9-08

On July 1, 2019, Ivanhoe Company purchased new equipment for $90,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000.
 
 
 
 
 
Prepare the journal entry to record depreciation on December 31, 2019. (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.)

Account Titles and Explanation
Debit
Credit
enter an account title
 
enter a debit amount
 
enter a credit amount
 
enter an account title
 
enter a debit amount
 
enter a credit amount
 
 
 

SHOW LIST OF ACCOUNTS
LINK TO TEXT
 
 
 
Prepare the journal entry to record depreciation on December 31, 2020. (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.)

Account Titles and Explanation
Debit
Credit
enter an account title
 
enter a debit amount
 
enter a credit amount
 
enter an account title
 
enter a debit amount
 
enter a credit amount
 
 
 

SHOW LIST OF ACCOUNTS
LINK TO TEXT
 
 
 
Compute the revised annual depreciation on December 31, 2022.

Revised annual depreciation   $
 
 
 

SHOW LIST OF ACCOUNTS
LINK TO TEXT
 
 
 
Prepare the journal entry to record depreciation on December 31, 2022. (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.)

Account Titles and Explanation
Debit
Credit
enter an account title
 
enter a debit amount
 
enter a credit amount
 
enter an account title
 
enter a debit amount
 
enter a credit amount
 
 
 

SHOW LIST OF ACCOUNTS
LINK TO TEXT
 
 
 
Compute the balance in Accumulated Depreciation—Equipment for this equipment after depreciation expense has been recorded on December 31, 2022.

Accumulated Depreciation—Equipment   $
 
 

 

Click if you would like to Show Work for this question:

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