Equipment was acquired on January 1, 2025 at a cost of $162,000. The equipment was originally estimated to have a salvage value of $8,200 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method. On January 1, 2028, the estimated salvage value was revised to $14,200 and the useful life was revised to a total of 8 years. Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Depreciation expense for 2028 $ Adjusting journal entry at 12/31/28: Date Account Titles and Explanation Dec. 31 eTextbook and Media List of Accounts Save forlater Debit Credit
Equipment was acquired on January 1, 2025 at a cost of $162,000. The equipment was originally estimated to have a salvage value of $8,200 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method. On January 1, 2028, the estimated salvage value was revised to $14,200 and the useful life was revised to a total of 8 years. Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Depreciation expense for 2028 $ Adjusting journal entry at 12/31/28: Date Account Titles and Explanation Dec. 31 eTextbook and Media List of Accounts Save forlater Debit Credit
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....
Related questions
Question
![Equipment was acquired on January 1, 2025 at a cost of $162,000. The equipment was originally estimated to have a salvage value of
$8,200 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method.
On January 1, 2028, the estimated salvage value was revised to $14,200 and the useful life was revised to a total of 8 years.
Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles
and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent
manually. List all debit entries before credit entries.)
Depreciation expense for 2028 $
Adjusting journal entry at 12/31/28:
Date Account Titles and Explanation
Dec. 31
eTextbook and Media
List of Accounts
Save forlater
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F60b6b6b3-64ef-4611-9333-29bfb2a551b4%2Fee8db769-202e-4bb2-b0ff-44b6a13c09bf%2F4khcum_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Equipment was acquired on January 1, 2025 at a cost of $162,000. The equipment was originally estimated to have a salvage value of
$8,200 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method.
On January 1, 2028, the estimated salvage value was revised to $14,200 and the useful life was revised to a total of 8 years.
Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles
and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent
manually. List all debit entries before credit entries.)
Depreciation expense for 2028 $
Adjusting journal entry at 12/31/28:
Date Account Titles and Explanation
Dec. 31
eTextbook and Media
List of Accounts
Save forlater
Debit
Credit
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Excel Applications for Accounting Principles](https://www.bartleby.com/isbn_cover_images/9781111581565/9781111581565_smallCoverImage.gif)
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning