2023 On January 1 20X1 Pagoda Pond Construction acquired a small excavator for 85 000 This device had | Assignments Online
2023 On January 1 20X1 Pagoda Pond Construction acquired a small excavator for 85 000 This device had | Assignments Online
Assignments Online 2023 Business Finance
| On January 1, 20X1, Pagoda Pond Construction acquired a small excavator for $85,000. This device had a 4-year service life to Pagoda, at which time it is expected that the equipment will be sold for a $10,000 salvage value. | ||
| Pagoda uses the double-declining balance depreciation method. | ||
| (a) | Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year. | |
| (b) | Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X3. | |
| (c) | Prepare journal entries to record the asset’s acquisition, annual depreciation for each year, and the asset’s eventual sale for $10,000. | |
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