I need to make an adjusting entry for depreciation expense and accumulated depreciation — I worked out the adjusting entries to being $2,642.86, but I don’t know if that is right.. please help. Equipment: Straight line method used for equipment o Mixing machine: $5,000 initial cost, $500 salvage value, 3rd year of use of 7 total ($642.86 per year) o Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of use of 7 total ($1,000 per year) o Other depreciable equipment: $4,000 initial cost, $0 salvage value, 1st year of use of 4 total ($1,000 per year)
I need to make an adjusting entry for depreciation expense and accumulated depreciation — I worked out the
adjusting entries to being $2,642.86, but I don’t know if that is right.. please help.
Equipment: Straight line method used for equipment
o Mixing machine: $5,000 initial cost, $500 salvage value, 3rd year of use of 7 total ($642.86 per year)
o Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of use of 7 total ($1,000 per year)
o Other depreciable equipment: $4,000 initial cost, $0 salvage value, 1st year of use of 4 total ($1,000 per year)
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