(2) Double-diminishing-balance Date 2024 Mar. 1 Dec. 31 2025 Nov. 30 V Account Titles and Explanation Equipment Cash Depreciation Expense Accumulated Depreciation - Equipment Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation expense) Debit 56,800 31,556 15,244 Credit 56,800 31,556 15,244 Wildhorse Productions Corp. purchased equipment on March 1, 2024, for $56,800. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $10,000. During 2024, the equipment produced 4,800 units. On November 30, 2025, the equipment was sold for $18,000 and had produced 6,200 units that year.
(2) Double-diminishing-balance Date 2024 Mar. 1 Dec. 31 2025 Nov. 30 V Account Titles and Explanation Equipment Cash Depreciation Expense Accumulated Depreciation - Equipment Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation expense) Debit 56,800 31,556 15,244 Credit 56,800 31,556 15,244 Wildhorse Productions Corp. purchased equipment on March 1, 2024, for $56,800. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $10,000. During 2024, the equipment produced 4,800 units. On November 30, 2025, the equipment was sold for $18,000 and had produced 6,200 units that year.
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
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 6RE
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